1. Briefly explain the difference between fixed cost and variable cost. Provide an example of each.

2. Briefly discuss marginal costs, including an explanation of how they are calculated; any condition that is typical to them, and what makes knowing them useful.

Briefly explain the difference between xed cost and variable cost. Provide an example of each. Briefly discuss marginal costs, including an explanation of how they are calculated; any condition that is typical to them, and what makes knowing them useful