The CoC is defined as the point where what was a point now becomes a disc - that's the point where an image becomes blurred. Lessening the CoC reduces the effective depth of field, and the bigger the print the shallower the depth of field if you are viewing the print from a near distance. So you could define the CoC as the smallest point an lens could resolve or whatever you need to get away with to print at a certain size. It's not an absolute measure. A real life application is the image we can print up to a certain size but not larger because you *just* missed focus. The missed focus means the optimum CoC hasn't been reached but the number is small enough to yield a good 5x7 for example.
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