As Northern Ireland's capital city, Belfast is host to the Northern Ireland Assembly at Stormont, the site of the devolved legislature for Northern Ireland. Belfast is divided into four Northern Ireland Assembly and UK parliamentary constituencies: North Belfast, West Belfast, South Belfast and East Belfast.
Fixed Costs, Variable Costs, and Total Costs z Fixed costs are those that are spent and cannot be changed in the period of time under consideration. z In the long run there are no fixed costs since all costs are variable. z In the short run, a number of costs will be fixed. Fixed Costs, Variable Costs, and Total Costs z Workers represent variable costs â those that change as output changes. Fixed Costs, Variable Costs, and Total Costs z The sum of the variable and fixed costs are total costs. TC = FC + VC Average Costs z Much of the firmâs discussion is of average cost.
Examples of variable costs are again, your salary. If you are an hourly worker, you only get paid for the number of hours you have worked. Unlike the stable eight hour work, you get more or less depending on the time you have spent for work. Summary: Fixed cost and variable cost are the two components of total cost. A fixed cost does not change whether there is an increase or decrease in the quantity of goods and services produced. A variable cost is a type of cost that changes when there is a rise and fall in a companyâs production volume.