Prime costs are all of the costs that are directly attributed to the production of each product. Prime costs are direct costs, meaning they include the costs of direct materials and direct labor ...

A company's marginal product of labor is the number of additional products it can produce by hiring one additional worker. A company's marginal revenue product of labor is the amount of additional ...

Direct labor rates are the labor costs directly resulting in the production of a product or delivery of a service. These costs include wages as well as payroll taxes, insurance, retirement matches, ...