Waec Model Questions Vol1 2022 Economics Question 19
Practice objective / multiple choice question 19 from the 2022 Waec Model Questions Vol1 Economics examination.
A farmer cultivates maize on a 10‑hectare farm. The average yield per hectare (in tonnes) is Y = 2 + 0.5F - 0.05F², where F is the amount of fertilizer applied per hectare (in tonnes). The market price of maize is ₦150 per kilogram. Fertilizer costs ₦30,000 per tonne and other variable costs are ₦20,000 per hectare regardless of fertilizer use. Fixed costs (land rent, machinery) total ₦500,000 for the whole farm. (a) Determine the amount of fertilizer per hectare that maximises the farmer's profit. (b) Compute the maximum profit (in Naira) at that fertilizer level.
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About This Question
This is Waec Model Questions Vol1 2022 Economics Question 19. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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