Waec Model Questions Vol1 2018 Economics Question 36

Practice objective / multiple choice question 36 from the 2018 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2018 Economics Objective / Multiple Choice Hard Difficulty
Question 36 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • ECONOMICS • objective

A manufacturing firm's total cost (in thousands of naira) for producing Q units of output is given by TC = 0.02Q³ - 0.3Q² + 15Q + 200. Determine the level of output at which average total cost (ATC) is minimized and state the minimum ATC value.

Answer Options

A. Output = 18 units; Minimum ATC = 28 (thousand naira per unit)
B. Output = 22 units; Minimum ATC = 26 (thousand naira per unit)
Correct Answer C. Output = 20 units; Minimum ATC = 27 (thousand naira per unit)
D. Output = 25 units; Minimum ATC = 30 (thousand naira per unit)
Correct Answer
C
Correct Option:
Output = 20 units; Minimum ATC = 27 (thousand naira per unit)

About This Question

This is Waec Model Questions Vol1 2018 Economics Question 36. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.

Difficulty level: Hard .

View More Waec Model Questions Vol1 2018 Economics Questions More Waec Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support