The Redmond Products instructional problem exposes pitfalls of traditional absorption product costing systems. It promotes a discussion of errors inherent treating manufacturing overhead costs as “indirect” costs that should be “allocated” to products using a predetermined manufacturing...

Economists examine two types of variables when studying aggregate production and economic growth. Some of these variables are directly productive factors (physical capital, labor and human capital), while other variables aren't productive themselves, but affect production indirectly. I introduce...