Waec Model Questions Vol1 2023 Economics Question 19

Practice objective / multiple choice question 19 from the 2023 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2023 Economics Objective / Multiple Choice Medium Difficulty

Question 19 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

A competitive firm faces a constant market price of ₦80 000 per unit. Its total cost function (in thousands of Naira) is \(TC = 0.5Q^{2} + 20Q + 100\), where \(Q\) is output in units. Determine the output level that maximises profit and compute the maximum profit (in thousands of Naira).

Answer Options

A. 1900

B. 2100

Correct Answer C. 1700

D. 1500

Correct Answer

Correct Option:

1700

About This Question

This is Waec Model Questions Vol1 2023 Economics Question 19. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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Waec Model Questions Vol1 2023 Economics Question 19

A competitive firm faces a constant market price of ₦80 000 per unit. Its total cost function (in thousands of Naira) is \(TC = 0.5Q^{2} + 20Q + 100\), where \(Q\) is output in units. Determine the output level that maximises profit and compute the maximum profit (in thousands of Naira).

Answer Options

About This Question

Master the Exam!

A competitive firm faces a constant market price of ₦80 000 per unit. Its total cost function (in thousands of Naira) is \(TC = 0.5Q^{2} + 20Q + 100\), where \(Q\) is output in units. Determine the output level that maximises profit and compute the maximum profit (in thousands of Naira).