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QUESTION
1) What is meant by "opportunity costs" and why is it important that we consider them in making managerial accounting decisions?
1) What is meant by "opportunity costs" and why is it important that we consider them in making managerial accounting decisions? What is meant by "sunk costs" and why is it important that we do not consider them in making managerial accounting decisions? Answer both parts and provide a good illustration for each.
