Neco 2020 Economics Question 9

Practice objective / multiple choice question 9 from the 2020 Neco Economics examination.

Neco 2020 Economics Objective / Multiple Choice Medium Difficulty
Question 9 NECO • 2020 • ECONOMICS • objective

A competitive firm faces the demand curve \(P = 120 - 0.5Q\) and has total cost \(TC = 2000 + 20Q + 0.1Q^{2}\). Determine the output level that maximizes profit and compute the maximum profit. Give the output to the nearest whole unit and profit to the nearest whole dollar.

Answer Options

Correct Answer A. Output = 83 units, Profit = \$2,167
B. Output = 85 units, Profit = \\$2,100
C. Output = 78 units, Profit = \\$1,950
D. Output = 90 units, Profit = \\$2,300
Correct Answer
A
Correct Option:
Output = 83 units, Profit = \$2,167

About This Question

This is Neco 2020 Economics Question 9. It is one of the objective questions from the 2020 Neco Economics examination.

Difficulty level: Medium .

View More Neco 2020 Economics Questions More Neco Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support