Neco 2017 Economics Question 1

Practice objective / multiple choice question 1 from the 2017 Neco Economics examination.

Neco 2017 Economics Objective / Multiple Choice Hard Difficulty
Question 1 NECO • 2017 • ECONOMICS • objective

A firm transports wheat from a farm to a market located 120 km away. The total transportation cost (in Naira) for a shipment of Q tonnes is given by \( C = 5000 + 20D + \frac{0.5 Q^{2}}{D} \), where D is the distance in km. The market price of wheat is ₦1500 per tonne. Determine the smallest integer quantity of wheat (in tonnes) that must be shipped so that the profit on the trip is at least ₦200,000. Also state the profit obtained at that quantity.

Answer Options

Correct Answer A. Minimum quantity Q = 139 tonnes; profit ≈ ₦201,020
B. Minimum quantity Q = 140 tonnes; profit ≈ ₦202,500
C. Minimum quantity Q = 150 tonnes; profit ≈ ₦210,000
D. Minimum quantity Q = 138 tonnes; profit ≈ ₦199,500
Correct Answer
A
Correct Option:
Minimum quantity Q = 139 tonnes; profit ≈ ₦201,020

About This Question

This is Neco 2017 Economics Question 1. It is one of the objective questions from the 2017 Neco Economics examination.

Difficulty level: Hard .

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