Neco 2022 Agricultural Science Question 1
Practice objective / multiple choice question 1 from the 2022 Neco Agricultural Science examination.
The farmer plans to grow maize. Fixed costs are N30,000 and the variable cost is N12 per kg. If he sells in the open market the price is N20 per kg. A buyer offers a contract: if the farmer sells at least 2,500 kg, the price becomes N22 per kg for all the produce; otherwise the price remains N20. The profit can be expressed as \( \text{Profit}= (P - 12)Q - 30{,}000 \) where \(P\) is the selling price per kg and \(Q\) is the quantity produced (kg). Determine the minimum quantity of maize (in kg) the farmer must produce to earn at least N10,000 profit, and state which selling arrangement (contract or open market) should be chosen.
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About This Question
This is Neco 2022 Agricultural Science Question 1. It is one of the objective questions from the 2022 Neco Agricultural Science examination.
Difficulty level: Medium .
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