Indicate Whether Each of the Following Costs of Productive Output

question 2

Essay

Indicate whether each of the following costs of productive output is usually variable (V) or fixed (F):
a. Machine operator's hourly wages
b. City operating license
c. Machine helper's wages
d. Wiring used in radios
e. Indirect materials
f. Property insurance
g. Gasoline for delivery truck
h. Real estate taxes

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Definitions:

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to buy at different price levels, over a specific time period.

Economic Resource

An asset used to produce goods and services that can provide economic benefit.

Money Balances

Refers to the amount of money held by an individual or entity in the form of cash or bank deposits.

Capital Resource

A capital resource is an asset utilized by a company to produce goods and services, such as buildings, machinery, and equipment.