The knowledge of cost behavior is important for managerial decision making as, having a thorough knowledge about this enables the manager to predict whether any costs will decrease or increase as business activity changes.
For instance, if a production line is nearing capacity, the relevant cost behavior would be to expect a large cost increase (to pay for an equipment expansion) if incremental demand increased by a small amount. Understanding cost behavior is an essential component of cost-volume-profit analysis.
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Minimum wage is the lowest amount a worker can be paid per hour. In the US, minimum wage is $7.25, meaning that any low paid worker must be paid at least 7.25 an hour, otherwise the employer can get sued or arrested for using unpaid labor.
