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.
Secondly, when the period of time is short, the distinction between fixed cost and variable cost can be made rigid but not in a longer period of time all fixed costs change into variable cost in the long run.100. The short run cost data of the firm shows that total fixed cost TFC (column 2) remains constant at $1000/- regardless of the level of output. The column 3 indicates variable cost which is associated with the level of output. Total variable cost is zero when production is zero.