ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Fixed expenses: These are costs that largely remain constant, such as your monthly rent or mortgage. Variable expenses: These are costs that vary or are unpredictable, such as dining out or car repairs.

Detailed explanation-2: -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-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: -Fixed costs are expenditures that do not change regardless of the level of production, at least not in the short term. Whether you produce a lot or a little, the fixed costs are the same. One example is the rent on a factory or a retail space.

Detailed explanation-5: -Key Takeaways Variable costs change based on the amount of output produced. Variable costs may include labor, commissions, and raw materials. Fixed costs remain the same regardless of production output. Fixed costs may include lease and rental payments, insurance, and interest payments.