Economics Past Questions and Answers

<b>A firm incurred the following costs in production. Use the information in the table to answer the question below.</b><br/><table class='tbn'><tbody><tr><td> Output(bags of rice </td><td> 0 </td><td> 10 </td><td> 20 </td><td> 30 </td><td> 40 </td><td> 50 </td><td> 60 </td></tr><tr><td> Total Cost ($) </td><td> 100 </td><td> 200 </td><td> 300 </td><td> 380 </td><td> 440 </td><td> 520 </td><td> 600 </td></tr></tbody></table><br/><br/><br/> <br/>The average cost of producing 40 bags of rice is ____________

The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve ____________

A major source of finance to the Railway Corporation in West African countries is ____________

Separation of ownership of resources and their control is mostly found in a ____________

By passing the middlemen in the chain of distribution can lead to ____________