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WAEC Economics 2026 Question 16

Question 16

Theory of Costs and Revenue

The expenditure on inputs which changes as the output level changes in the short run is obtained from the formula

  1. A.Total Cost minus Total Variable Cost
  2. B.Total Fixed Cost minus Total Cost
  3. C.Total Variable Cost minus Total Fixed Cost
  4. D.Total Cost minus Total Fixed Cost
Show the answer and explanation

Answer: D (Total Cost minus Total Fixed Cost)

Explanation

Variable cost = total cost − fixed cost.