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TOTAL VARIABLE COST: Cost of production that changes with changes in the quantity of output produced by a firm in the short run. Total variable cost is one part of total cost. The other is total fixed cost. Variable cost depends on the level of output. If a firm produces more output, then variable cost is greater. If a firm produces no output, then variable cost is zero. A cost measure directly related to total variable cost is average variable cost.
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TOTAL FACTOR COST, PERFECT COMPETITION The opportunity cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For a perfectly competitive firm, the price paid is constant and total factor cost increases at a constant rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"In the long run men hit only what they aim at. " -- Henry David Thoreau, philosopher
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LOCH
London Options Clearing House
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