Neco 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 1 NECO • 2022 • ECONOMICS • objective

The total cost (TC) of a firm is given by \( TC = 0.5Q^{2} + 20Q + 150 \) (in Naira). The market demand for its product is \( P = 200 - 0.5Q \) where \( P \) is price per unit and \( Q \) is quantity sold. Determine the output level that maximizes profit and state the maximum profit.

Answer Options

A. Quantity = 80 units; Maximum profit = 7,850 Naira
B. Quantity = 85 units; Maximum profit = 7,925 Naira
Correct Answer C. Quantity = 90 units; Maximum profit = 7,950 Naira
D. Quantity = 100 units; Maximum profit = 7,850 Naira
Correct Answer
C
Correct Option:
Quantity = 90 units; Maximum profit = 7,950 Naira

About This Question

This is Neco 2022 Economics Question 1. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Medium .

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