Theory of Costs and Revenue - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 1993

Determine the marginal revenue if the total revenue is 80.00

A. 6.00
B. 12.00
C. 14.00
D. 18.00

Question 52:

• JAMB 1994

A company's expenditure on raw materials is regarded as?

A. Explicit cost
B. Implicit cost
C. Prime cost
D. Average cost

Question 53:

• JAMB 1994

The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?

A. Always reflects the cost of labour
B. Reflects the variable, but not the fixed cost of production
C. Does not rise above variable costs
D. Is determined by the cost of production and the current rate of inflation

Question 54:

• JAMB 1994

A firm determines its profit when it studies its?

A. Marginal Cost
B. Average Cost
C. Total Cost
D. Average Cost relative to price in the market

Question 55:

• JAMB 1994

\(\begin{array}{c|c}
\text{Price N} & \text{Quantity sold} \\
5 & 15 \\
5 & 16 \\
5 & 17 \\
5 & 18 \\
\end{array}\)
Marginal revenue is

A. N5
B. N6
C. N8
D. N10