Asked by

Joseph Escobedo
on Oct 08, 2024

verifed

Verified

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.
verifed

Verified Answer

KL
kristin lopezOct 12, 2024
Final Answer:
Get Full Answer