Neco 2021 Economics Question 2
Practice objective / multiple choice question 2 from the 2021 Neco Economics examination.
A farmer has 120 hectares of land to allocate between maize and soybeans. Yield per hectare: maize 3.2 tonnes, soybeans 2.5 tonnes. Market prices: maize \(\text{\u20A6}45{,}000\) per tonne, soybeans \(\text{\u20A6}68{,}000\) per tonne. Production cost per hectare: maize \(\text{\u20A6}30{,}000\), soybeans \(\text{\u20A6}40{,}000\). The government offers a subsidy of \(\text{\u20A6}5{,}000\) per tonne of soybeans if total soybean production exceeds 150 tonnes. How many hectares of maize and soybeans should the farmer plant to maximise profit?
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About This Question
This is Neco 2021 Economics Question 2. It is one of the objective questions from the 2021 Neco Economics examination.
Difficulty level: Hard .
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