JAMB Economics · Production, costs and market structures
Theory of costs and revenue: JAMB Economics Past Questions and Answers
What the JAMB syllabus covers in Theory of costs and revenue
Our summary: The different measures of a firm's costs and revenue, short-run and long-run costs, and the link between marginal cost and supply.
- The concepts of cost (fixed, variable, total, average and marginal.)
- The concepts of revenue (total, average and marginal revenue.)
- Accountants' and economists' notions of cost
- Short-run and long-run costs
- The marginal cost and the supply curve of firm
Objectives
- explain the various cost concepts;
- differentiate between accountants' and economists' notions of costs;
- interpret the short-run and long-run costs curves;
- establish the relationship between marginal cost and supply curve;
- explain the various revenue concepts.
Syllabus content © The Joint Admissions and Matriculation Board (UTME).
JAMB Economics questions on Theory of costs and revenue
- JAMB 2024A major characteristics of a firm operating at a long-run equilibrium position is that
- JAMB 2024In the long-run, a firm must shut down if its average revenue is
- JAMB 2024A firm's average cost decreases in the long-run because of
- JAMB 2023The short run can be defined as the period of time during which
- JAMB 2023If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would…
- JAMB 2022A firm that closes down will still incur
- JAMB 2022In the long-run, a firm must shut down if its average revenue is
- JAMB 2022The sufficient condition for a firm to be in equilibrium is that the
- JAMB 2022PN equals average revenue or marginal revenue cure of
- JAMB 2022The production cost that varies inversely with output is the
- JAMB 2022Marginal cost is?
- JAMB 2021A firm is at its optimum size when …
- JAMB 2020A company's expenditure on raw materials is regarded as?
- JAMB 2019The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to …
- JAMB 2019The most important cost curve for the firm is …
- JAMB 2019If AC and MC are represented on a graph, the MC curve will cut the AC curve …
- JAMB 2018No of Men 1 2 3 4 5 6 7 8 Total Product(unit) 200 440 540 600 640 660 660 640 If the price per unit is N2, what is the average revenue when 6 men are employed?
- JAMB 2016The additional cost incurred by producing an additional unit of output is known as
- JAMB 2015In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as…
- JAMB 2015Revenue can be expressed as
Years with Theory of costs and revenue questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
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