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JAMB Economics 2011 Question 24

Question 24

Theory of Costs and Revenue

Use the diagram below to answer the question.
When 20 units of output is produced, TC will be

Diagram for this question
  1. A.₦360
  2. B.₦300
  3. C.₦460
  4. D.₦400.
Show the answer and explanation

Answer: B (₦300)

Explanation

TC = ATC × quantity = ₦15 × 20 = ₦300.