Examlex
You are shaving a person's face with a safety razor. What kind of strokes do you use around his chin and lips?
MC
The additional cost of producing one more unit of a product or service.
TVC
Total Variable Cost, which refers to the total of all costs that vary with output level in the short term.
Formula
A mathematical relationship or rule expressed in symbols, often used to calculate and predict outcomes.
Marginal Cost
The expense associated with the manufacturing of an extra unit of a product or service.
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