Total cost - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2015

The line Y in the diagram represents

A. Total cost
B. Variable cost
C. Fixed cost
D. Marginal cost

Question 3:

• JAMB 1991

At any given level of output, the total cost of a firm equals the?

A. Marginal cost plus the average cost
B. Fixed costs less its varriable cost
C. Average cost multiplied by variable costs
D. Economic costs multiplied by variable costs

Question 4:

• JAMB 1991

At any given level of output, a firm's total variable cost equals ?

A. Total cost less marginal cost
B. Total cost less total fixed costs
C. Total cost less average cost
D. Average variable cost and marginal cost

Question 5:

• JAMB 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is

A. ₦3.00
B. ₦4.00
C. ₦60.00
D. ₦120.00