JAMB Economics 2021 Objective — Question 7

Question 7 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2021 Objective paper, with the correct answer and a full explanation.

7. What is total variable cost at 100 level of output? a. 300 b. 400 c. 100 d. None of the above

A. 300Correct
B. 400
C. 100
D. None of the above

Explanation

Variable cost is the part of cost that changes with output, given by 3Q. At Q = 100, variable cost = 3(100) = 300.

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