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What are the differences between fixed expenses and variable expenses? Give two examples of each.

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Final answer:

Fixed expenses stay constant, while variable expenses change based on needs and wants.


Explanation:

Fixed expenses are costs that remain constant regardless of the level of output, such as rent or insurance payments. Variable expenses fluctuate based on needs and wants, like groceries or dining out.

Examples:

  • Fixed expenses: Rent, Insurance
  • Variable expenses: Groceries, Dining out

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