Neco 2024 Economics Question 24

Practice objective / multiple choice question 24 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Medium Difficulty
Question 24 NECO • 2024 • ECONOMICS • objective

A farmer produces maize and beans using a joint production process. The joint cost is ₦120,000. Revenue from maize is \( R_m = 150 Q_m \) and from beans is \( R_b = 200 Q_b \) where \( Q_m \) and \( Q_b \) are quantities in kilograms. Additional processing costs are ₦30 per kg of maize and ₦50 per kg of beans. The farmer sells the two crops together and the market requires the ratio \( Q_m : Q_b = 3 : 2 \). Find the break‑even quantities of maize and beans (i.e., quantities that make total profit zero).

Answer Options

Correct Answer A. Maize ≈ 545 kg, Beans ≈ 364 kg
B. Maize ≈ 500 kg, Beans ≈ 333 kg
C. Maize ≈ 450 kg, Beans ≈ 300 kg
D. Maize ≈ 600 kg, Beans ≈ 400 kg
Correct Answer
A
Correct Option:
Maize ≈ 545 kg, Beans ≈ 364 kg

About This Question

This is Neco 2024 Economics Question 24. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Medium .

View More Neco 2024 Economics Questions More Neco Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support