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JAMB Economics 2011 Question 23

Question 23

Theory of Costs and Revenue

Use the diagram below to answer the question.
The average total cost when 20 units are produced is

Diagram for this question
  1. A.₦20.00
  2. B.₦23.00
  3. C.₦13.00
  4. D.₦15.00.
Show the answer and explanation

Answer: D (₦15.00.)

Explanation

At 20 units the ATC curve is at its lowest point, which reads ₦15 on the price axis.