Waec Model Questions Vol1 2024 Economics Question 3
Practice objective / multiple choice question 3 from the 2024 Waec Model Questions Vol1 Economics examination.
A firm produces output Q according to the production function \(Q = 20L - 0.5L^{2}\), where L is the number of labour units employed (capital is fixed). The price of output is ₦50 per unit and the wage rate is ₦200 per labour unit. Determine the number of labour units that maximizes profit and compute the maximum profit (in naira).
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About This Question
This is Waec Model Questions Vol1 2024 Economics Question 3. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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