TASK 1 Cost behaviour Objective To be able to relate the importance of the two types of manufacturing costs (variable and fixed costs) and assess thee impact on the production of goods. Marks allocated 25 marks ‘In the euro area. inflation has been on a downward trajectory for nearly a year and a continued fall in inflation could put renewed pressure on the European Central Bank to cut interest rates further. In Juno. final inflation at constant tax rates was 1.2 percent after it was down at 0.8 percent in April. We expect the recent small rise in inflation excluding taxes to be reversed in the future due to low wage pressure combined with declining oil prices. very slow growth in agricultural prices and a drop out of previous year’s tax hikes.” Danske Bank. 5 August, 2013 The above article is just one of the many examples of analysis on the decline of inflation rates around the world. The real message that these analyses were trying to convey to everyone focused more on the end result of the event: the decline in inflation rates would result in higher global competition, fostered by an environment of cheap labour. cost cutting and increased efficiency. Such development in the global economy may lead to a condition where the production of goods is outpacing the number of consumers who are able to buy them. Even so. the level of production is unIkely to decline because factories have been
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