Both in the mathematical sense and in the business world, an independent variable is one that stands alone and is not affected by outside forces. When it comes to evaluating cost in business, ...

The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

Just because a service business doesn't produce tangible goods, that doesn't mean it has no related costs. Mixed costs for a service business have a variable element and a fixed element -- hence ...

Budgeting, quite simply, is the act of spending your money efficiently. The importance of budgeting cannot be overemphasized, and whether you’re looking at your individual finances or running a ...

In financial accounting and taxes, attributing expenses to the correct category isn’t just a tip or guideline; it’s a requirement when filing IRS forms, requesting grant funds, or reporting to ...

Thermal plants are assumed to start up and shut down more frequently with increasing renewable supply variability. Before a thermal plant can feed electricity to the grid, it has to be started up, ...