Question on: JAMB Economics - 2019
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
A
₦7,300
B
₦7,100
C
₦1,300
D
₦1,100
Ask EduPadi AI for a detailed answer
Correct Option: 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
Add your answer
Please share this, thanks!
No responses