Gce Model Questions Vol1 2025 Economics Question 4
Practice essay / theory question 4 from the 2025 Gce Model Questions Vol1 Economics examination. This question covers Production .
A small firm manufactures handcrafted wooden chairs. The table below shows the firm’s total product (TP), total variable cost (TVC) and total fixed cost (TFC) for different levels of output per month. | Output (units) | TP (units of labour) | TVC (₦) | TFC (₦) | |----------------|----------------------|----------|----------| | 0 | 0 | 0 | 150,000 | | 50 | 5 | 40,000 | 150,000 | | 100 | 10 | 85,000 | 150,000 | | 150 | 15 | 135,000 | 150,000 | | 200 | 20 | 200,000 | 150,000 | | 250 | 25 | 280,000 | 150,000 | | 300 | 30 | 375,000 | 150,000 | Using this information, answer the following questions:
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This is Gce Model Questions Vol1 2025 Economics Question 4. It is one of the essay questions from the 2025 Gce Model Questions Vol1 Economics examination.
The question covers Production .
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