Waec Model Questions Vol1 2023 Economics Question 13
Practice objective / multiple choice question 13 from the 2023 Waec Model Questions Vol1 Economics examination.
A farmer grows maize. The market price is ₦30,000 per tonne. The farmer's total cost (in thousands of naira) is $C=20+0.5Q+0.02Q^{2}$, where $Q$ is the quantity produced in tonnes. Assuming the farmer produces where price equals marginal cost, determine whether a 10% increase in price (to ₦33,000) that reduces quantity demanded by 8% will raise or lower the farmer's profit.
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About This Question
This is Waec Model Questions Vol1 2023 Economics Question 13. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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