Neco 2023 Geography Question 44
Practice objective / multiple choice question 44 from the 2023 Neco Geography examination.
A factory's total cost (in thousand naira) is given by \(C(L,K)=5L^{2}+3K^{2}+2LK+200\), where \(L\) and \(K\) are labour and capital inputs measured in hundreds of units respectively. The production function is \(Q=2L+3K-0.5LK\) (thousand widgets) and revenue is \(R=40Q\) (thousand naira). If the factory currently uses \(L=4\) and \(K=3\), determine (a) whether the factory is making a profit and (b) the marginal profit with respect to labour at this point.
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About This Question
This is Neco 2023 Geography Question 44. It is one of the objective questions from the 2023 Neco Geography examination.
Difficulty level: Hard .
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