Neco 2023 Economics Question 48
Practice objective / multiple choice question 48 from the 2023 Neco Economics examination.
A firm's total cost function (in thousands of ₦) is \(TC = 0.02Q^{3} - 0.3Q^{2} + 15Q + 200\), where \(Q\) is output (units). The market price per unit is constant at \(12{,}000\) ₦.\n\n(a) Find the output level at which average total cost equals marginal cost.\n(b) Compute the profit (or loss) the firm makes at that output.
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About This Question
This is Neco 2023 Economics Question 48. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Medium .
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