Gce Model Questions Vol1 2020 Economics Question 31
Practice objective / multiple choice question 31 from the 2020 Gce Model Questions Vol1 Economics examination.
An arable farmer cultivates maize on 5 hectares. Fixed costs are ₦30,000 per hectare per year. Variable cost is ₦25,000 per tonne of output. The market price of maize is ₦45,000 per tonne. The government gives a subsidy of ₦3,000 per tonne produced. Expected yield per hectare (in tonnes) depends on the amount of fertilizer applied, \(F\) kg per hectare, according to the linear relation \(Y = 2 + 0.001F\). The farmer wishes to achieve an annual profit of at least ₦200,000. What is the minimum whole number of kilograms of fertilizer per hectare that must be applied?
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About This Question
This is Gce Model Questions Vol1 2020 Economics Question 31. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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