Neco 2024 Economics Question 23

Practice objective / multiple choice question 23 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Hard Difficulty
Question 23 NECO • 2024 • ECONOMICS • objective

A manufacturing firm's total cost (in thousand Naira) for output Q (in thousand units) is given by \( TC = 0.02 Q^{3} - 0.3 Q^{2} + 50 Q + 200 \). Determine the output level where marginal cost equals average cost, and state the corresponding market price if the firm is a price‑taker in a perfectly competitive market (price equals marginal cost).

Answer Options

A. Output = 20,000 units, Price = ₦55 per unit
Correct Answer B. Output = 20,000 units, Price = ₦62 per unit
C. Output = 15,000 units, Price = ₦58 per unit
D. Output = 25,000 units, Price = ₦70 per unit
Correct Answer
B
Correct Option:
Output = 20,000 units, Price = ₦62 per unit

About This Question

This is Neco 2024 Economics Question 23. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Hard .

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