At any given level of output, a firm's total variable cost equals ?

Assessment: JAMB UTME - Economics - 1991 Subject: Economics

Question 1 Report

At any given level of output, a firm's total variable cost equals ?
Answer Details
At any given level of output, a firm's total variable cost is the total cost of producing its output that varies with the level of production. This means that the cost is directly proportional to the quantity produced. Therefore, the correct option is "total cost less total fixed costs". Total variable cost excludes fixed costs, which are the costs that do not vary with output level, such as rent or lease payments.
Read lesson note on Theory Of Costs (JAMB)
Read lesson note on Market Structure (JAMB)
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