Neco 2024 Economics Question 48

Practice objective / multiple choice question 48 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Medium Difficulty

Question 48 NECO • 2024 • ECONOMICS • objective

A firm's total product (TP) as a function of labour input \( L \) is \( TP = 2L^{2} - 0.05L^{3} \). (a) Find the level of labour where average product (AP) equals marginal product (MP). (b) Compute the total output at that labour level. (c) If each unit of labour costs \( \text{₦}150 \) and fixed capital costs \( \text{₦}3000 \), calculate the total cost of production at that output.

A. L=10, TP=150, Total Cost=3000

B. L=20, TP=380, Total Cost=5700

Correct Answer C. L=20, TP=400, Total Cost=6000

D. L=25, TP=625, Total Cost=8250

Correct Answer

Correct Option:

L=20, TP=400, Total Cost=6000

This is Neco 2024 Economics Question 48. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Medium .

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