Given that FC = N500, VC = N1,500, and Q = 50 units. Find...
Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.
N30
N40
N10
N20
Correct answer is B
The Average Cost is the per unit cost of production obtained by dividing the total cost (TC) by the total output (Q). Thus we have;
Average cost = Total cost ÷ Total output(quantity)
Total cost = fixed cost + variable cost
Average cost = 500 + 1500 ÷ 50
2000 ÷ 50 = 40
A rise in the supply of a commodity cause_________ ...
The act of cultivating land and rearing of animal for man’s use is ...
The total amount of money in circulation includes cash ...
Which business organization enjoys tax-free point in East Africa? ...
Commercial bank reserves at the Central Bank have the effect of ...
Proportional tax refers to ...
One major criticism of foreign aid to developing countries is that it ...
Which of the following is not an indirect tax? ...
The interaction of supply and demands for labour determines ...