Define Variable Costs

question 141

Essay

Define variable costs. What special assumption is made about variable costs in the textbook?

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Definitions:

Product

An item or substance that is manufactured or refined for sale.

Multiplying

The mathematical operation of increasing one number by the value of another, resulting in a total that is the product of the two numbers.

Kilo-

A prefix in the metric system representing one thousand (1000) of the unit it precedes.

Decimal

Numbers that are expressed as a fraction of a part using 10 as its base number; it also refers to the period used to separate a whole number from a fraction, as in 10.2, otherwise read as “ten and two-tenths.”