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WAEC Economics 2025 Paper
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© africaexams.com
Question : 19
Total: 50
A firm incurred the following costs in production. Use the information in the table to answer questions below
Output(bags of rice)
0
10
20
30
40
50
60
Total cost$
100
200
300
380
440
520
600
The fixed cost of production is
$100
$600
$200
$300
Validate
Solution:
Fixed cost is the cost that does not change with the level of output. It is the cost incurred even when the output is zero. From the
table, when the output is zero, the total cost is
100.
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100. Therefore, the fixed cost of production is
100.
T
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100.
© africaexams.com
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