Neco 2023 Economics Question 13
Practice objective / multiple choice question 13 from the 2023 Neco Economics examination.
A firm's total cost (in thousand naira) is given by \(TC = 0.02Q^{3} - 0.3Q^{2} + 10Q + 50\) and its total revenue by \(TR = 20Q - 0.1Q^{2}\), where \(Q\) is output (in thousand units). Determine the output level that maximises profit and compute the maximum profit (in thousand naira), rounding the profit to the nearest thousand.
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About This Question
This is Neco 2023 Economics Question 13. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Medium .
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