Neco 2018 Economics Question 6
Practice objective / multiple choice question 6 from the 2018 Neco Economics examination.
Farmer A has 10 hectares of land to allocate between maize (x hectares) and soybeans (y hectares) with \(x + y = 10\). The yield of maize per hectare (in tons) is given by \(1 + 0.2x\) and the yield of soybeans per hectare (in tons) is \(2 - 0.1x\). Market prices are \(\text{₦}300\) per ton for maize and \(\text{₦}250\) per ton for soybeans. The farm incurs a fixed cost of \(\text{₦}2{,}000\) and a variable cost of \(\text{₦}600\) per hectare of maize and \(\text{₦}1{,}000\) per hectare of soybeans. Determine the allocation (x and y) that maximizes profit. Give your answer to two decimal places.
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About This Question
This is Neco 2018 Economics Question 6. It is one of the objective questions from the 2018 Neco Economics examination.
Difficulty level: Hard .
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