Please note: You need to be writing about a product or service that can be sold. We aren't talking about your personal fixed and variable costs such as your rent for your apartment or personal electricity bill here**** Fixed Costs are set for a period of time regardless of how much product is produced or sold. Variable Costs are directly related to output and can be eaday-to-dayased or decreased on a day to day basis depending on how much output is produced. For up to 10 points, pick an item and explain what the likely Fixed and Variable Costs will be . Make sure you write about the costs of PRODUCING this item - not the cost of using it. 1. EMBED a photo of the item. (2 points) They need to be visible as you scroll through the thread. . What is at least one fixed cost related to the production of this item? Why is this a fixed cost and not a variable cost? (2 points) . What are at least 3 variable costs related to the production of this item? Why are these variable costs? (3 points) . When you think about the ratio of fixed to variable costs for this product, does it seem like this company could have its options limited due to high fixed costs or is it really nimble and can make easy adjustments based on business conditions? (3 points)