Neco 2024 Agricultural Science Question 37
Practice objective / multiple choice question 37 from the 2024 Neco Agricultural Science examination.
A farmer produces maize. Fixed costs are \(\text{₦}150,000\) and variable cost is \(\text{₦}30,000\) per tonne. The market price per tonne depends on the quantity sold \(Q\) (in tonnes) according to \(P = 200,000 - 5,000 Q\). The government imposes a price ceiling of \(\text{₦}100,000\) per tonne. Assuming the farmer can sell any quantity demanded at the prevailing price, determine the quantity (in tonnes) that maximises profit under the ceiling and compute the maximum profit (in \(\text{₦}\)).
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About This Question
This is Neco 2024 Agricultural Science Question 37. It is one of the objective questions from the 2024 Neco Agricultural Science examination.
Difficulty level: Hard .
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