ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Fixed expenses generally cost the same amount each month (such as rent, mortgage payments, or car payments), while variable expenses change from month to month (dining out, medical expenses, groceries, or anything you buy from a store).

Detailed explanation-2: -Variable expenses are things you have to pay for that may change from month to month. Some examples include gas, parking, and tolls. Groceries, eating out, electricity or other usage-based bills, and household items like toiletries and cleaning supplies are some other examples of variable costs in your budget.

Detailed explanation-3: -Fixed expenses, such as rent, stay the same from month to month. Variable expenses are ones that can change, such as gas or food.

Detailed explanation-4: -Although variable costs are quite often discretionary expenses, some may be necessities. Buying gas for your car each month is a variable expense, as are car repairs and maintenance. Grocery shopping is also a variable expense.

Detailed explanation-5: -Variable costs are costs that change as the volume changes. Examples of variable costs are raw materials, piece-rate labor, production supplies, commissions, delivery costs, packaging supplies, and credit card fees.