Question

Illustrate the concept of Variable Cost with the help of a table and diagram.

Answer 1

Answer:

Variable costs include expenditure on transport, wages of labour, electricity charges, price of raw material etc. Thus, according to Dooley, “Variable costs are one which varies as the level of output varies.” It can be explained with the help of a table 2 and figure 3. In Figure 3 variable cost curve starts from zero.

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