WAEC Economics 2010 Theory — Question 5

Question 5 of 23 from the West African Examinations Council (WAEC) Economics 2010 Theory paper, with the correct answer and a full explanation.

2(b)(i) Calculate the marginal cost at each level of output. (9 marks)

Model answer

MC = ΔTC/ΔQ. Starting from when q=1: MC1=(55-50)/(1-0)=5. MC2=(62-55)/(2-1)=7. MC3=(75-62)/(3-2)=13. MC4=(96-75)/(4-3)=21. MC5=(125-96)/(5-4)=29. MC6=(162-125)/(6-5)=37. MC7=(203-162)/(7-6)=41. MC8=(248-203)/(8-7)=45.

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