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.
Fixed costs are those that do not change as the level of output changes. Variable costs are those costs that change as output changes. Fixed costs can be quite large. In the airline industry, for example, fixed costs range from 40 to 70 percent of total costs.n our widget example, we will assume that the fixed cost for the stapler, pen, and âfactoryâ is $10 and the cost of each worker hired is $5 per worker. Since fixed costs are constant, the firm incurs $10 regardless of the level of output. Labor is the only variable cost computed by $5 times the number of workers.