Gce Model Questions Vol1 2019 Economics Question 26
Practice objective / multiple choice question 26 from the 2019 Gce Model Questions Vol1 Economics examination.
Farmer A produces wheat. The total cost of producing ( Q \) tonnes is ( TC = 0.1 Q^{2} + 30 Q + 2000 \) (₦). The market price of wheat depends on total market supply ( S \) (tonnes) according to ( P = 120 - 0.02 S \). Farmer A's output represents exactly \(10\%\) of total market supply. Determine the quantity \( Q \) (in tonnes) that maximises Farmer A's profit and calculate the maximum profit (in ₦).
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About This Question
This is Gce Model Questions Vol1 2019 Economics Question 26. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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