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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Answer:
C. the skills and knowledge that enable a worker to be productive.
Explanation:
'Human Capital' is the stock of knowledge & skills embodied in people, enabling them to perform labour of economic value. It is considered as 'capital' because skills & knowledge development to become more productive yields better income & standard of living.
Human Capital formation i.e knowledge, skills & productivity enhancement has two crucial components : Education and Health.
Options A, B, D are inapt because : Human Capital is not 'physical capital', 'financial wealth', 'machinery' ; but is rather immaterial knowledge & skill set in people.
Answer: C and D
Explanation:
Depository institutions are financial organization in the US that is legally authorized to confirm money deposit from customers.
