Economics Past Questions and Answers

A firm incurred the following costs in production. Use the information in the table to answer the question 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 ____________

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 ____________