Gce Model Questions Vol1 2017 Economics Question 50
Practice objective / multiple choice question 50 from the 2017 Gce Model Questions Vol1 Economics examination.
A firm faces the linear demand curve \(P = 200 - 2Q\) (price in thousand Naira). Its total cost function is \(TC = 20Q + 0.5Q^{2}\) (thousand Naira).\n\n(a) Derive the expressions for marginal revenue (MR) and marginal cost (MC).\n(b) Determine the profit‑maximising output and the corresponding price.\n(c) Calculate the profit at that output.
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This is Gce Model Questions Vol1 2017 Economics Question 50. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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