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MC: The abbreviation for marginal cost, which is the change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost is found by dividing the change in total cost (or total variable cost) by the change in output.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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AVC
Average Variable Cost
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