Neco 2017 Economics Question 2

Practice objective / multiple choice question 2 from the 2017 Neco Economics examination.

Neco 2017 Economics Objective / Multiple Choice Medium Difficulty
Question 2 NECO • 2017 • ECONOMICS • objective

A firm's total cost function for output Q (units) is \( C = 5000 + 150Q + 0.05Q^{2} \). The product sells for ₦250 per unit. Find the output level that maximises profit and compute the maximum profit.

Answer Options

A. Output Q = 1000 units; maximum profit = ₦40,000
B. Output Q = 900 units; maximum profit = ₦44,500
C. Output Q = 800 units; maximum profit = ₦43,000
Correct Answer D. Output Q = 1000 units; maximum profit = ₦45,000
Correct Answer
D
Correct Option:
Output Q = 1000 units; maximum profit = ₦45,000

About This Question

This is Neco 2017 Economics Question 2. It is one of the objective questions from the 2017 Neco Economics examination.

Difficulty level: Medium .

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