Methods of costing - short answer questions
Define the term 'contribution'.
'A firm that makes more than one product does not know what they cost to make, but knows exactly how much profit the firm has made.' Discuss.
Explain why contribution is as important to most firms as profit.
Analyse the reasons why a firm may sell a product for less than its total cost of production.
If you ran a supermarket, discuss how you could use the concept of contribution to maximise your profits.