Neco 2021 Economics Question 43
Practice objective / multiple choice question 43 from the 2021 Neco Economics examination.
A farmer's production function for maize (in tonnes) with respect to fertilizer use (in kilograms) is \( Q = 50L - 2L^{2} \). The market price of maize is ₦200 per tonne and fertilizer costs ₦30 per kilogram. The farmer also incurs a fixed cost of ₦5,000 per season. Determine the amount of fertilizer (in kg) that maximizes the farmer's profit and compute the maximum profit (in naira). Give the fertilizer quantity to the nearest kilogram and the profit to the nearest naira.
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About This Question
This is Neco 2021 Economics Question 43. It is one of the objective questions from the 2021 Neco Economics examination.
Difficulty level: Hard .
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