Post-UTME Economics 2009 Objective — Question 12
Question 12 of 13 from the Post-UTME Screening (Post-UTME) Economics 2009 Objective paper, with the correct answer and a full explanation.
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If the total cost of producing 600 units of a product is N21,000 and the average variable cost is N19, what is the average fixed cost?
- A. N16Correct
- B. N35
- C. N9,600
- D. N21
Explanation
Average total cost = 21000/600 = 35. Average fixed cost = Average total cost - Average variable cost = 35-19 = 16.
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