Waec Model Questions Vol1 2021 Economics Question 24

Practice objective / multiple choice question 24 from the 2021 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2021 Economics Objective / Multiple Choice Medium Difficulty
Question 24 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

A firm's price‑demand relation is P = 120 - 0.5Q, where P is the price (Naira) and Q the quantity sold. The total cost function is TC = 5,000 + 10Q. Determine the output level that maximises profit and calculate the maximum profit.

Answer Options

A. Output = 120 units; Maximum profit = ₦1,200
B. Output = 100 units; Maximum profit = ₦900
C. Output = 115 units; Maximum profit = ₦1,050
Correct Answer D. Output = 110 units; Maximum profit = ₦1,050
Correct Answer
D
Correct Option:
Output = 110 units; Maximum profit = ₦1,050

About This Question

This is Waec Model Questions Vol1 2021 Economics Question 24. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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