Syllabus content and objectives
Official JAMB Economics outline · Section C: Production, Costs, Revenue, and Market Structures
Content
Cost concepts: fixed cost, variable cost, total cost, average cost, and marginal cost.
Objective
Explain the various cost concepts.
Content
Revenue concepts: total revenue, average revenue, and marginal revenue.
Objective
Explain the various revenue concepts.
Content
Accountants' and economists' notions of cost.
Objective
Differentiate between accountants' and economists' notions of costs.
Content
Short-run and long-run costs.
Objective
Interpret short-run and long-run cost curves.
Content
Marginal cost and the supply curve of a firm.
Objective
Establish the relationship between marginal cost and the supply curve.
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