Define variable coasts . OR What is the meaning of prime costs ? – InterviewSolution

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1.	Define variable coasts . OR What is the meaning of prime costs ?
Answer» Variable costs (or prime costs) refer to those which vary directly with the level of output. For example,wages of casual labour, payment of raw material.

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The curve in the following diagram is the most similar to a typical , A. Total Variable Cost CurveB. Marginal Cost CurveC. Total Cost CurveD. Average Variable Cost Curve
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Which formula is incorrect to determine the value of TC :A. `TC = TVC + TFC`B. `TC = sumMC`C. `TC = AC xx "Output"`D. `TC = sumMC + TFC`
Discuss the relationship between TVC and MC. OR Draw a diagram showing TVC in terms of the area under MC curve.