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Economics

Economics · Quick practice · answer shown after each question

Costs and revenue

Question 1 of 10

Question 1 of 10

A firm maximises profit where

Question 2 of 10

Question 2 of 10

TC = 100 + 5Q. When Q = 20, average cost is

Question 3 of 10

Question 3 of 10

For the firm making 50 units at a total cost of GH¢700, what is the average cost?

Question 4 of 10

Question 4 of 10

Average cost is

Question 5 of 10

Question 5 of 10

A firm has fixed costs of GH¢200 and a variable cost of GH¢10 per unit. What is the total cost of 50 units?

Question 6 of 10

Question 6 of 10

Break-even occurs where

Question 7 of 10

Question 7 of 10

Costs that do not change with output, such as rent, are

Question 8 of 10

Question 8 of 10

Normal profit is

Question 9 of 10

Question 9 of 10

For a firm with TR = 50Q − Q², marginal revenue at Q = 10 is

Question 10 of 10

Question 10 of 10

Marginal revenue is the

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.