Neco 2022 Economics Question 33

Practice objective / multiple choice question 33 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 33 NECO • 2022 • ECONOMICS • objective

A firm's total cost function is \(TC = 2000 + 5Q + 0.02Q^{2}\) where \(Q\) is output. The market demand is \(P = 120 - 0.1Q\). Determine the output level that maximises profit and state the maximum profit (rounded to the nearest Naira).

Answer Options

A. Q = 460 units, Profit = 24000
B. Q = 500 units, Profit = 26000
Correct Answer C. Q = 479 units, Profit = 25542
D. Q = 450 units, Profit = 23000
Correct Answer
C
Correct Option:
Q = 479 units, Profit = 25542

About This Question

This is Neco 2022 Economics Question 33. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Medium .

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