Neco 2020 Economics Question 16

Practice objective / multiple choice question 16 from the 2020 Neco Economics examination.

Neco 2020 Economics Objective / Multiple Choice Medium Difficulty
Question 16 NECO • 2020 • ECONOMICS • objective

Given the production function \( Q = 5L^{2} - \frac{L^{3}}{3} \), where Q is output and L is labour units, determine the amount of labour at which marginal product equals average product. State the corresponding output and marginal product.

Answer Options

A. Labour = 10 units; Output = 166.667 units; Marginal product = 0 units
B. Labour = 5 units; Output = 83.333 units; Marginal product = 25 units
Correct Answer C. Labour = 7.5 units; Output = 140.625 units; Marginal product = 18.75 units
D. Labour = 12.5 units; Output = 130.208 units; Marginal product = -31.25 units
Correct Answer
C
Correct Option:
Labour = 7.5 units; Output = 140.625 units; Marginal product = 18.75 units

About This Question

This is Neco 2020 Economics Question 16. It is one of the objective questions from the 2020 Neco Economics examination.

Difficulty level: Medium .

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