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Cambridge IGCSE Economics practice

Paper 2 structured question: Firms’ costs, revenue and objectives

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Firms’ costs, revenue and objectives

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Paper 2Structured Questions3 marks

A business has fixed costs of $500 and variable costs of $1000 when producing 200 units.

Description

Cost Calculation

Determine the Average Total Cost (ATC) and Average Variable Cost (AVC).

  1. a

    Explain how to calculate Average Total Cost (ATC) and Average Variable Cost (AVC).

    Aim for approximately 3 distinct marking points.

    [3]

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Paper 2 structured question: Firms’ costs, revenue and objectives

Paper 2Structured Questions3 marks

Description

Production Cost Analysis

Calculate the Average Total Cost (ATC), Average Fixed Cost (AFC), and Average Variable Cost (AVC) for the company.

  1. a

    Calculate the Average Total Cost (ATC), Average Fixed Cost (AFC), and Average Variable Cost (AVC).

    Aim for approximately 3 distinct marking points.

    [3]