Watch the video, www.youtube.com/watch?v=UWImfFax8Ew to help you prepare for this week’s discussion:
Watch the video, www.youtube.com/watch?v=UWImfFax8Ew to help you prepare for this week’s discussion:
Start your discussion by responding to this question using the company for which you currently work, a business with which you’re familiar, or the dream business you want to start:
What are some key fixed and variable costs for this business? Remember, fixed costs do not change when output changes. That is, fixed costs remain even if the company is producing nothing. Variable costs increase as output increases.
Be sure to respond to your classmate’s (Yadyra) post and share another idea for a type of cost below:
The business of my dreams is to be a farmer. I have done alot of research into farming and there are alot of fixed cost but the are also alot of variable cost as well.
Running a farm requires rent or mortgage payments, property tax, insurance, and interest payments. These fall into the category of fixed expenses. No matter how many acres of vegetables or livestock I have or how much I have, those fixed costs will remain the same. Fixed costs are consistent costs that do not change from month to month.
Variable costs are costs that will change depending on the farms consumption. Items like seeds, fertilizer, fuel and oil, electricity, labor/employees, repairs and maintenance, water use and storage.
More variable cost would also depend on if the farm has animals or vegetation or both. I want both.
I would start off with a small farm that I could maintain with me and a few family members but my overall dream is to have a farm-work program that helps the communities with resources, certifications and healthy foods.
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