Under this view, the exclusion of fixed costs is required by the statute’s explicit directive that the Board may not consider costs that are not specific to a particular transaction. If marginal cost does not vary materially over the relevant volume range, then average variable cost will provide a close approximation of marginal cost.
And I have very good memories of that trip. 2/3  BIS central bankers' speeches  North Macedonia is a beautiful country. Since its first edition, this conference has only further matured. It has grown both in audience and in breadth of topics. And this year’s program is, once again, testimony to that. I wish you all an inspiring two days.