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Contents & notes: what this topic covers
Under Theory of Costs and Revenue, the JAMB Economics syllabus expects you to study:
- 9. Theory of Costs and Revenue a. The concepts of cost: Fixed, Variable, Total Average and Marginal b. The concepts of revenue: Total, Average and Marginal revenue;
- c. Accountants’ and Economists’ notions of cost d. Short-run and long-run costs e. The marginal cost and the supply curve of firm.
Study notes & guidance
Study Theory of Costs and Revenue using a recommended Economics textbook that follows the JAMB syllabus. Work through the contents listed above one by one, make brief notes in your own words, and then practise as many questions on this topic as you can — in Economics, understanding and steady practice matter far more than memorising. Use the objectives below as a checklist: if you can do each one confidently, you have mastered this topic.
Objectives — candidates should be able to
After studying Theory of Costs and Revenue, you should be able to:
- (i) explain the various cost concepts (ii) differentiate between accountants’ and economists’ notions of costs (iii) interpret the short-run and long-run costs curves (iv) establish the relationship between marginal cost and supply curve. (v) explain the various revenue concepts.
These objectives are from the official JAMB syllabus. Use them as a checklist — if you can do each one confidently, you have mastered this topic.
Source: official JAMB UTME Economics syllabus (IBASS, jamb.gov.ng). Reproduced for study use. Last checked: 17 Sept 2026. Always confirm the current syllabus on the official portal.