WAEC Economics 2019 Objective — Question 20

Question 20 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.

[See Table II: short-run cost of a firm — Quantity(Kg) 1,2,3; Fixed costs($) 750,750,750; Variable cost($) 200,560,900; Total cost($) 950,1310,P; Marginal cost($) –,360,Q; Average cost($) 950,655,550] Calculate the value of Q.

A. $350
B. $340Correct
C. $360
D. $370

Explanation

Total cost at quantity 3 (P) = Fixed cost + Variable cost = 750+900 = $1650. Marginal cost (Q) = Total cost at Q3 − Total cost at Q2 = 1650 − 1310 = $340.

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