f the steps are small, a step-variable cost may be approximated using a ______ cost function without significant loss in accurac

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posledela · Answer 1 · 2023-02-26T16:36:35+03:00

If the steps are small, a step-variable cost may be approximated using a Variable cost function without significant loss in accuracy.

<h3>Variable cost function</h3>

An expense for the company that varies according to how much is produced or sold is called a variable cost.
Depending on a company's production or sales volume, variable costs grow or fall. They climb as production rises and reduce as production declines.
It is a production cost whose level fluctuates in response to shifts in a business's manufacturing activities.
For instance, the raw materials required to make a product's components are regarded as variable costs because they frequently change depending on the volume of units produced.
The total variable cost curve depicts the relationship between total variable cost and the volume of output produced graphically.

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