Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, Raw...
Consider the following figures which refer to a firm's production department during one week:
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, Raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are
₦7,300
₦7,100
₦1,300
₦1,100
Correct answer is B
Total variable costs also known as variable cost. TVC is the cost that varies or changes with the level of output.
TVC = 6000 + 800 + 300
TVC = ₦7100
The curve labelled W shows the ...
Government can control inflation by ...
In a perfect competition, every firm is a price ...
Creation of money by commercial bank is done by ...
When governments wants to discourage consumption, they tax goods whose demand is ...
Which of the following is NOT among the canons of taxation as set out by Adam Smith? ...
A characteristic of the linear production function is that ...
In a capitalist economy, factors of production are owned and controlled by the _____? ...
Which of the following strategies will provide more employment opportunities for Nigerians ...