JAMB Economics 2014 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.

Given that FC=#500, VC=#1500 and Q=50 units, find the average cost.

A. of the product
B. #20
C. #30
D. #40Correct

Explanation

Average cost = total cost/quantity = (fixed cost+variable cost)/quantity = (500+1500)/50 = #40.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Economics 2014 Objective More Economics past papers