Neco 2018 Economics Question 31
Practice objective / multiple choice question 31 from the 2018 Neco Economics examination.
A farmer cultivates maize on 5 hectares. The variable cost is N2000 per hectare and the fixed cost is N15000. Expected yield is 2.5 tonnes per hectare. The market price per tonne is \\(P\\) naira. The government subsidises 20 % of the market price on the first 8 tonnes produced. Determine the minimum market price \\(P\\) (in naira per tonne) that allows the farmer to break even. Round your answer to the nearest naira.
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About This Question
This is Neco 2018 Economics Question 31. It is one of the objective questions from the 2018 Neco Economics examination.
Difficulty level: Hard .
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