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WAEC Economics 2025 Paper
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© africaexams.com
Question : 20
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 average cost of producing 40 bags of rice is
$10
$60
$80
$11
Validate
Solution:
Average cost is calculated by dividing the total cost by the quantity of output. From the table, the total cost of producing 40 bags
of rice is
440.
T
h
e
r
e
f
o
r
e
,
t
h
e
a
v
e
r
a
g
e
c
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t
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p
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o
d
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c
i
n
g
40
b
a
g
s
o
f
r
i
c
e
i
s
440. Therefore, the average cost of producing 40 bags of rice is
440.
T
h
ere
f
ore
,
t
h
e
a
v
er
a
g
ecos
t
o
f
p
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d
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g
40
ba
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so
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s
440/40 = $11.
© africaexams.com
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