Please answer BOTH questions separately with around 250 words each. Any materials based on different sources (i.e textbook, academic articles, newspapers etc) should be clearly reference and bibliography provided. Aim to write own understanding and interpretation.
Q1. Explain the key concepts of opportunity cost, sunk cost, committed cost and sunk cost fallacy in the context of relevant costing and decision making. Why should a business take relevant cost into account as part of business decisions? Support the discussion with examples.
Q2. Define terms fixed cost and variable costs. Explain how an understanding of the distinction between them can be useful for managers in decision making in areas of BEP and operating gearing. Support the discussion with examples
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