ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Some examples of variable costs include: Food costs, such as groceries and dining out. Clothing. Gasoline.

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: -Variable costs are unfixed, discretionary costs that include gas, clothing, entertainment, pet supplies and dining out at restaurants.

Detailed explanation-4: -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-5: -Variable Costs are directly related to how much value you create. If you’re in the business of creating cotton T-shirts, the more T-shirts you produce, the more cotton fabric you’ll need. Raw materials, usage-based utilities, and hourly workers are all variable costs.