Distinguish among variable, fixed and semi-variable costs. Why is this distinction important?

Variable cost

A variable cost is a corporate expense that changes in proportion to how much a company produces or sells. Variable costs increase or decrease depending on a company's production or sales volume—they rise as production increases and fall as production decreases.

Examples of variable costs include a manufacturing company's costs of raw materials and packaging—or a retail company's credit card transaction fees or shipping expenses, which rise or fall with sales. A variable cost can be contrasted with a fixed cost.

The total expenses incurred by any business consist of variable and fixed costs. Variable costs are dependent on production output or sales. The variable cost _______ _______ _____ ____ __________ _______ __________.
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