Neco 2022 Economics Question 48
Practice objective / multiple choice question 48 from the 2022 Neco Economics examination.
A farmer cultivates 40 hectares of maize. The expected yield per hectare (in tonnes) depends on the amount of fertilizer applied per hectare, \(x\) (kg/ha), according to \(Y=5+0.1x-0.001x^{2}\). The market price per tonne falls by \(0.1\%\) for each additional kilogram of fertilizer per hectare, i.e. price \(P=120{,}000\times(1-0.001x)\) naira. Fertilizer costs \(500\) naira per kilogram. Determine the value of \(x\) (in kg/ha) that maximises the farmer's total profit and compute that maximum profit (in naira).
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About This Question
This is Neco 2022 Economics Question 48. It is one of the objective questions from the 2022 Neco Economics examination.
Difficulty level: Hard .
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