Total costIn economics, total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total economic cost of production and is made up of variable cost, which varies according to the quantity of a good produced and includes inputs such as labor and raw materials, plus fixed cost, which is independent of the quantity of a good produced and includes inputs that cannot be varied in the short term such as buildings and machinery, including possibly sunk costs.
String instrumentString instruments, stringed instruments, or chordophones are musical instruments that produce sound from vibrating strings when a performer plays or sounds the strings in some manner. Musicians play some string instruments by plucking the strings with their fingers or a plectrum—and others by hitting the strings with a light wooden hammer or by rubbing the strings with a bow. In some keyboard instruments, such as the harpsichord, the musician presses a key that plucks the string.
Brass instrumentA brass instrument is a musical instrument that produces sound by sympathetic vibration of air in a tubular resonator in sympathy with the vibration of the player's lips. Brass instruments are also called labrosones or labrophones, from Latin and Greek elements meaning 'lip' and 'sound'. There are several factors involved in producing different pitches on a brass instrument.
Musical instrumentA musical instrument is a device created or adapted to make musical sounds. In principle, any object that produces sound can be considered a musical instrument—it is through purpose that the object becomes a musical instrument. A person who plays a musical instrument is known as an instrumentalist. The history of musical instruments dates to the beginnings of human culture. Early musical instruments may have been used for rituals, such as a horn to signal success on the hunt, or a drum in a religious ceremony.
Average costIn economics, average cost or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): Average cost has strong implication to how firms will choose to price their commodities. Firms’ sale of commodities of certain kind is strictly related to the size of the certain market and how the rivals would choose to act. Short-run costs are those that vary with almost no time lagging. Labor cost and the cost of raw materials are short-run costs, but physical capital is not.
Keyboard instrumentA keyboard instrument is a musical instrument played using a keyboard, a row of levers that are pressed by the fingers. The most common of these are the piano, organ, and various electronic keyboards, including synthesizers and digital pianos. Other keyboard instruments include celestas, which are struck idiophones operated by a keyboard, and carillons, which are usually housed in bell towers or belfries of churches or municipal buildings. Today, the term keyboard often refers to keyboard-style synthesizers.
Marginal costIn economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output.
Variable costVariable costs are costs that change as the quantity of the good or service that a business produces changes. Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object. However, not all variable costs are direct costs. For example, variable manufacturing overhead costs are variable costs that are indirect costs, not direct costs.
Cost curveIn economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves.
Wind instrumentA wind instrument is a musical instrument that contains some type of resonator (usually a tube) in which a column of air is set into vibration by the player blowing into (or over) a mouthpiece set at or near the end of the resonator. The pitch of the vibration is determined by the length of the tube and by manual modifications of the effective length of the vibrating column of air. In the case of some wind instruments, sound is produced by blowing through a reed; others require buzzing into a metal mouthpiece, while yet others require the player to blow into a hole at an edge, which splits the air column and creates the sound.
