Waec Model Questions Vol1 2018 Economics Question 13
Practice objective / multiple choice question 13 from the 2018 Waec Model Questions Vol1 Economics examination.
A factory produces widgets according to the total product function TP = 20L - 0.5L², where L is the number of workers employed. Fixed capital cost is ₦20,000 per month and each worker is paid a wage of ₦5,000 per month. The market price of a widget is ₦500. Determine the number of workers that maximises profit and state the maximum profit.
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 13. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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