Economic Definition of TVC. Defined.
Offline Version: PDF
Term TVC Definition: The abbreviation for total variable cost, which is 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.
« TU | two-sector aggregate expenditures line »
Permalink: https://glossary.econguru.com/economic-term/TVC