JAMB Economics 2008 Objective — Question 22

Question 22 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

In a perfectly competitive condition firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?

A. N396
B. N323
C. N250
D. N146Correct

Explanation

10 units of labour at N25 = N250. 11 units at N36 = N396. Marginal cost = (396-250)/(11-10) = N146.

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