Answer
A variable cost represents a form of cost which is dependent on the volume. Its value will vary depending on the output.
As it names states, a fixed cost remains unchanged. Even so, it tends to have a range in which it can be situated.
A mixed cost represents a type of cost which consists of both fixed and variable elements.
Work Step by Step
Variable cost example: Shipping costs, manufacturing costs
Fixed cost example: Salaries, Building rent, Insurances
Mixed cost example: Electrical Power Bill, Heat Bill
