Fixed Cost, Variable Cost, Total Cost, Average Cost, Marginal Cost Jamb Economics Past Questions
Question 1
The production cost that varies inversely with output is the
- A. total fixed cost
- B. marginal cost
- C. average fixed cost
- D. average cost
Question 2
| Quantity of Singlets | Short Run Total Costs (N) |
|---|---|
| 0 | 1,000 |
| 10 | 1,200 |
| 20 | 1,400 |
| 30 | 1,600 |
| 40 | 1,800 |
The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.
- A. N1000
- B. N400
- C. N70
- D. N20
Question 3
When 20 units of output is produced, TC will be
- A. N360
- B. N300
- C. N460
- D. N400
Question 4
The average total cost when 20 units are produced is
- A. N20.00
- B. N23.00
- C. N13.00
- D. N15.00
Question 5
From the Diagram above, the optimal point of production is
- A. R
- B. T
- C. U
- D. S
