Gce Model Questions Vol1 2024 Economics Question 50
Practice objective / multiple choice question 50 from the 2024 Gce Model Questions Vol1 Economics examination.
A farmer expects to harvest 200 tons of maize. Variable cost is \(\text{₦}150\) per ton and fixed cost is \(\text{₦}20{,}000\) per season. The government price‑support scheme pays a subsidy of \(\text{₦}30\) per ton if the market price falls below \(\text{₦}250\) per ton.\ (a) What is the lowest market price at which the farmer will break even (i.e., total revenue + subsidy = total cost)?\ (b) If the market price is \(\text{₦}210\) per ton, calculate the farmer's profit or loss.
Answer Options
About This Question
This is Gce Model Questions Vol1 2024 Economics Question 50. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Economics examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.