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Define marginal cost, define absorption cost, difference between the 2

In this paper, you are required to make a business report that carries the discussion of the essential components including marginal cost, absorption cos. Moreover, differentiate both of the factors along with the use of the marginal cost within the business context. Also, provide reasons for their comparison in profit/loss figures.

Instructions 

Q1

a) Define marginal cost, define absorption cost, difference between the 2
b) Use of marginal cost in a business
c) The reasons for the difference in profit/loss figure sunder these 2 methods.
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