Gce Model Questions Vol1 2018 Economics Question 24
Practice objective / multiple choice question 24 from the 2018 Gce Model Questions Vol1 Economics examination.
A firm's short‑run production function is \(Q = 5L - 0.5L^{2}\), where \(L\) is the number of labour units employed (\(0 \le L \le 10\)). The wage rate is \(\text{₦}20\) per labour unit, fixed costs are \(\text{₦}100\), and the output price is \(\text{₦}50\) per unit.\n\nDetermine the level of labour that maximises profit and calculate the maximum profit (to the nearest whole Naira).
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About This Question
This is Gce Model Questions Vol1 2018 Economics Question 24. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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