Question on: JAMB Economics - 2014
Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.
A
N30
B
N40
C
N10
D
N20
Ask EduPadi AI for a detailed answer
Correct Option: B
Here's how to calculate the average cost:
-
Calculate Total Cost (TC):
- TC = FC + VC
- TC = N500 + N1,500 = N2,000
-
Calculate Average Cost (AC):
- AC = TC / Q
- AC = N2,000 / 50 = N40
Add your answer
Please share this, thanks!
No responses