Question

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

Answer 1

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

Variable cost function

• 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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