Neco 2022 Economics Question 13
Practice objective / multiple choice question 13 from the 2022 Neco Economics examination.
The total product (TP) of labour L (with capital fixed) is given by the schedule: \(L: 1, 2, 3, 4, 5\); \(TP: 10, 22, 33, 42, 48\). The price per unit of output is ₦40, the wage per labour is ₦200 and fixed cost is ₦500. (i) Compute marginal product (MP) and average product (AP) for each labour level. (ii) Identify the labour input at which average product is maximised. (iii) Using the profit formula, determine the labour input that yields the highest profit and state that profit.
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About This Question
This is Neco 2022 Economics Question 13. It is one of the objective questions from the 2022 Neco Economics examination.
Difficulty level: Medium .
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