Neco 2019 Economics Question 48
Practice objective / multiple choice question 48 from the 2019 Neco Economics examination.
A farmer has 10 hectares of land to allocate between wheat and maize. The output (in tonnes) of wheat from \( L_{w} \) hectares is given by \( Q_{w}=2\sqrt{L_{w}} \) and that of maize from \( L_{m} \) hectares by \( Q_{m}=3\sqrt{L_{m}} \). Market prices are \( \text{₦}120 \) per tonne of wheat and \( \text{₦}90 \) per tonne of maize. The fixed cost per hectare is \( \text{₦}100 \) for wheat and \( \text{₦}80 \) for maize (no variable cost). Determine the allocation of land (\( L_{w} \) and \( L_{m} \) in hectares, to two decimal places) that maximises the farmer's profit.
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About This Question
This is Neco 2019 Economics Question 48. It is one of the objective questions from the 2019 Neco Economics examination.
Difficulty level: Hard .
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