Gce Model Questions Vol1 2023 Economics Question 41
Practice objective / multiple choice question 41 from the 2023 Gce Model Questions Vol1 Economics examination.
A factory produces widgets. The marginal product of labour (in hundreds of workers) is given by \(MPL = 120 - 4L\), where \(L\) is the number of hundreds of workers employed. Each worker is paid a weekly wage of £30 and the price of a widget is £50. Fixed weekly capital cost is £200. \(\)Determine the number of workers (to the nearest whole worker) that maximises weekly profit and calculate the maximum weekly profit.
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About This Question
This is Gce Model Questions Vol1 2023 Economics Question 41. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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