Neco 2023 Government Question 44
Practice objective / multiple choice question 44 from the 2023 Neco Government examination.
Country Y imposes a uniform tariff \(t\%\) on a particular imported good. The annual import value (in million dollars) after the tariff is applied is given by \(I(t)=1000-20t\), where \(0\le t\le 40\). Government tariff revenue (in million dollars) is \(R(t)=\frac{t}{100}\times I(t)\). Determine the tariff rate \(t\) (to the nearest whole percent) that maximises the revenue, and state the maximum revenue (to one decimal place).
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About This Question
This is Neco 2023 Government Question 44. It is one of the objective questions from the 2023 Neco Government examination.
Difficulty level: Hard .
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