Final answer:
Variable expenses change based on other factors, fixed expenses remain constant, and total cost is the sum of fixed and variable costs.
Explanation:
Variable expenses are expenses that change depending on other factors, such as groceries, cell phone plans, and clothing. They are not fixed in amount and can fluctuate based on usage or need.
Fixed expenses, on the other hand, remain constant regardless of other factors, like rent, insurance costs, and utilities. These expenses do not change with usage or external factors.
Total cost is the sum of fixed cost and variable cost. Fixed costs are costs that do not vary with output, while variable costs are directly related to the level of output produced.
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