Gce Model Questions Vol1 2022 Economics Question 41
Practice objective / multiple choice question 41 from the 2022 Gce Model Questions Vol1 Economics examination.
A farmer has 10 hectares of land and can use at most 2,000 kg of fertilizer in total. The yield per hectare (in tonnes) is given by \( Y = 2 + 0.01F \) where \(F\) is the amount of fertilizer (kg) applied to that hectare, subject to a maximum yield of 5 t ha⁻¹. Fixed costs are \(\text{FC}=\)₦200,000 per season and the variable cost function (in thousands of Naira) is \(VC = 0.5 Q^{2}\) where \(Q\) is total output in tonnes. The market price of maize is \(P =\)₦150,000 per tonne. Assuming the farmer allocates fertilizer to maximise profit, what is the maximum profit (in Naira) the farmer can earn?
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About This Question
This is Gce Model Questions Vol1 2022 Economics Question 41. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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