marginal cost

Term of the Day marginal cost The increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven pointhas been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for. Marginal costs are variable costs consisting of labor and material costs, plus an estimated portion of fixed costs (such as administration overheads and selling expenses). In companies where average costs are fairly constant, marginal costis usually equal to average cost. However, in industries that require heavycapital investment (automobile plants, airlines, mines) and have high average costs, it is comparatively very low. The ... Learn more about this term Usage Example After hitting the breakeven point, the marginal cost of producing one more desk was so minimal that it was cost effective to create more desks.

Trivia of the Day Choose the Right Answer: (A) Cornelius Vanderbilt, Sr.  (B) J.D. Rockefeller  (C) J.P. Morgan  (D) John W. Garrett  Original image provided by Upper Snake River Valley Historical Society. Image was altered by adding text.License

Featured Article What to Consider When Forming a Strategic Alliance Strategic alliances can be a loose agreement between two people or two organizations with a common purpose. Or, they could be highly formalized, commercial... Based in New York City (although currently residing in Chiang Mai, Thailand), artistic duo Chadwick Gray and Laura Spector recreate classic works of art using the human body as the canvas. In their Museum Anatomy series, Chadwick serves as the canvas. His ability to maintain a constant pose requires incredible patience and body control. As Chadwick holds a position, Laura uses her amazing painting skills to recreate classic works of art. The human body presents a unique set of challenges not seen on a typical canvas. Working with the contours and curves of the human body is very difficult, but Laura makes it look effortless. Check out the incredible collection below, and be sure to check out CHADWICKANDSPECTOR.COM for more artwork and information. MUSEUM ANATOMY Museum Anatomy is a collection of documentary photographs of works from museums around the world that have been recreated onto the human body. The artwork goes through a significant process until reaching the final outcome, a photograph of Chadwick, sometimes unrecognizable as a human form, with an elaborate, detailed painting covering a portion of his body. The recreated paintings of these historic portraits recapture the subjects in their own moment in history. The resulting photographs reveal a unification of art combining antiquity, history and technology in a contemporary context. CHADWICK SPECTOR Chadwick Gray and Laura Spector are both recipients of the prestigious New York Foundation for the Arts Fellowship Award (2001), and they have been included as finalists for the Sovereign Asian Art Award in both 2006 and 2008 where their work auctioned at Sotheby’s Hong Kong. Their work has been published in The Harvard Review, Ripley’s Believe It Or Not! and will be in the upcoming book, The Real Real Thing: The Model in the Mirror of Art by Wendy Steiner. Their work can be seen in exhibitions and collections around the world. While creating the Museum Anatomy project, they have had the privilege of working with curators from The Victoria Albert Museum, The Prado, National Gallery (Prague), National Gallery (Athens), MuseuMAfricA, The Civica Museum (Palermo), University Art Museum, (Berkeley), National Gallery (Bangkok), among others. Currently, Museum Anatomy is expanding into works of art in the Asian region. CHADWICK GRAY ONLINE - Official site: http://www.chadwickandspector.com/ - Facebook Page - WordPress Blog - YouTube Channel - MySpace page - Online Store In this amazing series by Gregory Raymond Halili, skulls are hand carved and painted with oil on raw, gold-lip and black-lip Philippine mother-of-pearl shells. Mother of pearl also known as nacre, is an organic-inorganic composite material produced by some molluscs as an inner shell layer; it is also what makes up the outer coating of pearls. It is strong, resilient, and iridescent. Halili was born and raised in the Philippines in 1975. He received his BFA from the University of the Arts in Philadelphia and currently resides in New Jersey. He is represented by the Nancy Hoffman Gallery in New York City. You can see the complete series on Gregory’s Facebook page. 1. 2. 3. 4. 5. 6. 7. 8. white collar   Term of the Day white collar Refers to employees whose job entails, largely or entirely, mental or clericalwork, such as in an office. The term white collar work used to characterize non-manual workers, but now it refers to employees or professionals whose work isknowledge intensive, non-routine, and unstructured. Historically, in the West, clerical workers wore white shirt collars but manual workers wore blue. See alsoblue collar. Learn more about this term Usage Example She was considered a white collar worker because her salary was higher than average and did not perform manual labor at her job.   Featured Article Setting Realistic Goals by Limiting Expectations Agreeing to realistic goals is the first lesson a fledgling business should learn. Realistic goals should form the backbone of your company and are the most...