Variable costs and fixed costs, in economics, are the two main types of costs that a company incurs when producing goods and services. Variable costs vary with the amount of output produced, and fixed costs remain the same no matter how much a company produces.

What would be some examples of fixed costs and variable costs for a farm? fixed cost include rent, buildings or machinery. The variable costs would be crop products, water, and seeds.

Variable Costs These costs increase as output increases and decrease as output decreases. Examples of variable cost items include seed, fertilizer, lime, gasoline, diesel fuel, oil, lubricants and herbicides. These inputs can be changed during the production process to bring about changes in output.

Wages paid to workers for their regular hours are a fixed cost. Any extra time they spend on the job is a variable cost.

Variable expenses, also called variable costs, are expenses that can change over time. Variable expenses differ from fixed expenses, such as your mortgage or rent, that remain the same throughout the term of your loan or lease.

Fixed expenses or costs are those that do not fluctuate with changes in production level or sales volume. They include such expenses as rent, insurance, dues and subscriptions, equipment leases, payments on loans, depreciation, management salaries, and advertising.

Fixed expenses are your weekly, monthly, or annual bills that don’t fluctuate. These include things like mortgage or rent payments, car payments, insurance premiums, utility bills, and the average amount you spend on groceries.

When utility revenues stay flat or fall, managers might think that the answer is to raise fixed charges, since water service costs are largely fixed costs, which remain unchanged through- out the year regardless of the volume produced.

Create a list of monthly expenses. While this includes your recurring living expenses, such as your rent or mortgage, car payment, and utilities, it also includes the more variable amounts you spend on haircuts, groceries, and clothes each month.

One consumer unit spends an average of $5,102 every month in 2018. That implies that the average budget for an American is $61,224 and is a 1.9% increase from the previous year….Monthly Budget.

How to pay bills on time

1. Choose a payment method that suits you. Direct debit is usually the cheapest and easiest way to pay bills, but there are other options.
2. Check your bills regularly.
3. Don’t let your bills get on top of you.
4. Make sure you’re not paying too much.

This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings. The median necessary living wage across the entire US is $67,690.

Household income includes the total income by everyone over age 15 who is a part of that household, all added together. An income of $70,000 surpasses both the median incomes for individuals and for households. By that standard, $70,000 is a good salary.

Living expenses are expenditures necessary for basic daily living and maintaining good health. They include the main categories of housing, food, clothing, healthcare, and transportation. Understanding what’s involved in each of these areas will help you to budget for them.

The Cost of Looking Good Average monthly clothing expenses are about $134 (that’s $1,604 per year).

Gas is a non-fixed expense that most working people can’t do without.