Consider the following figures which refer to a firm's production department during one week:Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.Total variable costs incurred during the week are

Consider the following figures which refer to a firm's production department during one week: Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300. Total variable costs incurred during the week are

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

Total variable costs incurred during the week are

The correct answer is B. ₦7,100

Total variable costs also known as variable cost. TVC is the cost that varies or changes with the level of output.

TVC = 6000 + 800 + 300

TVC = ₦7100