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JAMB Economics 2023 Paper
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© africaexams.com
Question : 11
Total: 79
If 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 earn
A normal profit of N750,000
An economic profit of N750,000
A normal profit o N1,750,000
An economic profit of N250,000
Validate
Solution:
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000
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