A question about Fold Equity

[thejameser]

in terms of the EV of a particular decision, is it quantifiable? i see the term used frequently, and i have in the past used it for what i thought it means. is it simply the equity you gain from folding a better hand or drawing hand that would be profitable in calling or at least a risk to draw out?

does this scenario exemplify fold equity:

Player A has a hand with 55% equity
Player B has a hand with 30% equity
Player C has a hand with 15% equity

if the betting pattern goes as such that a bet or raise from Player B will fold Player C, Player B will gain 1/2 of the 15% or 7.5% in equity from Player C folding. (super simplified example, no sharing of outs, etc. assumed, but i think it displays what i am trying to ask). is that the fold equity, or is it something else. it seems if it is along those lines, can it be calculated using the equity of hand ranges? or do you need the exact hand? i may be completely off base with everything here so i hope i am steered in the proper direction. i am afraid i may have been incorrectly using this term in numerous posts or even using it by luck, correctly in the proper context.