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
Fiscal policy involves changes in ...
Precautionary motive for holding money is to ...
The determination of wages in a labour market depends on the______ ...
The profit of the producers can be calculated as the ...
The supply of light could be met using a candle, lantern and gas lamp. This is an example of a ...
Which of the following statements must hold if price discrimination is to be possible? ...