Neco 2023 Agricultural Science Question 22

A farmer intends to apply 150\,kg of nitrogen per hectare to a soybean crop on 3\,ha. Base yield without fertilizer is 1.8\,t\,ha\textsuperscript{-1} and each additional 50\,kg\,N\,ha\textsuperscript{-1} increases yield by 0.12\,t\,ha\textsuperscript{-1} up to a maximum of 2.4\,t\,ha\textsuperscript{-1}. Fertiliser costs \u20A645\,kg\textsuperscript{-1}, but a government subsidy pays 20\% of this cost. The market price of soybeans is \u20A6250\,kg\textsuperscript{-1}. However, the price is price‑elastic: a 10\% increase in total national production leads to a 5\% decrease in price. Assume the farmer's extra production is the only change affecting the national supply, which is 100\,000\,t. What is the farmer's expected net profit per hectare after accounting for the subsidy and the price adjustment? Give your answer in \u20A5 to the nearest hundred.