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Average total cost can be expressed as

Economics
NECO 2009

Average total cost can be expressed as

  • A. average fixed cost plus average variable cost
  • B. change in total cost divided by change in output
  • C. total cost divided by total output
  • D. total fixed cost plus total variable cost
  • E. total variable cost divided by total output
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Correct Answer: Option C
Explanation

Average total cost is the summation of the total cost of production divided by the total quantity of output.

ATC = TC ÷ output

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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