Asked by
Joseph Escobedo
on Oct 08, 2024Verified
Variable costs are costs that change directly with output.
Variable Costs
Expenses that change in proportion to the activity of a business, such as costs for raw materials or production labor.
Output
The total amount of products or services produced by a company, industry, or economy within a specified period.
- Gain an understanding of the elementary principles of cost in economics, especially regarding the differentiation between fixed and variable costs.
Verified Answer
KL
Learning Objectives
- Gain an understanding of the elementary principles of cost in economics, especially regarding the differentiation between fixed and variable costs.