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A firm incurred the following costs in production. Use the information in the table to...

Economics
WAEC 2021

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output
(bags of rice		 0 10 20 30 40 50 60
Total Cost ($) 100 200 300 380 440 520 600

 

The average cost of producing 40 bags of rice is_____

  • A. $10
  • B. $11
  • C. $60.
  • D. $80
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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Correct Answer: Option B
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts