JAMB Economics 2012 Objective — Question 17
Question 17 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2012 Objective paper, with the correct answer and a full explanation.
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The cost elasticity of supply is a useful instrument for measuring
- A. profit
- B. productivityCorrect
- C. national income
- D. price index
Explanation
The difference between the revenue and Cost is the profit. Cost elasticity measures the percentage change in quantity to a change in cost. This shows how output responds to a change in cost. Hence, productivity of each factor.
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