Short-run And Long-run Costs Jamb Economics Past Questions
Question 16
The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?
- A. 400
- B. 500
- C. 600
- D. 700
Question 17
A persistent rise in the prices of inputs will lead to
- A. hyperinflation
- B. stagflation
- C. cost-push inflation
- D. demand-pull inflation
Question 18
The short-run supply curve for medical doctors is more likely to be
- A. perfectly elastic
- B. perfectly inelastic
- C. fairly inelastic
- D. fairly elastic
Question 19
\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is
- A. â¦3.00
- B. â¦4.00
- C. â¦60.00
- D. â¦120.00
Question 20
The long-run average cost curve is called a planning curve because it shows what happens to costs when
- A. a bigger size of plant is built
- B. differents sizes of plants are built
- C. variable inputs are increased
- D. fixed factors are increased
