Waec Model Questions Vol1 2022 Economics Question 17

Practice objective / multiple choice question 17 from the 2022 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 17 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • ECONOMICS • objective

A firm's total cost function for producing Q units of output is TC = 500 + 20Q + 0.5Q² (₦). The product is sold at the price P = 80 - 0.2Q (₦ per unit). Determine the output level that maximizes profit and state the maximum profit.

Answer Options

A. Q≈45 units, Profit≈₦800.00
B. Q≈50 units, Profit≈₦650.00
C. Q≈40 units, Profit≈₦720.00
Correct Answer D. Q≈42.86 units, Profit≈₦785.71
Correct Answer
D
Correct Option:
Q≈42.86 units, Profit≈₦785.71

About This Question

This is Waec Model Questions Vol1 2022 Economics Question 17. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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