Variable costs in economics and finance

Hello everyone, welcome to today's lesson. As we dive into the realms of economics and finance, we often encounter the term 'costs.' But did you know that costs are not always fixed? In fact, they can be quite dynamic, and that's where the concept of variable costs comes in. Today, we'll unravel the meaning of variable costs, understand their significance, and explore some real-world examples. So, let's get started!