Neco Model Questions Vol1 2017 Economics Question 14

Practice objective / multiple choice question 14 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Medium Difficulty
Question 14 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

A firm faces the total cost function \( TC = 200 + 5Q + 0.5Q^{2} \) (naira) and the market demand curve \( P = 120 - 2Q \) (naira per unit). Determine the output level \(Q\) that maximizes the firm's profit and state the maximum profit.

Answer Options

Correct Answer A. Q = 23 units, profit = 1,122.5 naira
B. Q = 22 units, profit = 1,050 naira
C. Q = 24 units, profit = 1,080 naira
D. Q = 20 units, profit = 950 naira
Correct Answer
A
Correct Option:
Q = 23 units, profit = 1,122.5 naira

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 14. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

View More Neco Model Questions Vol1 2017 Economics Questions More Neco Model Questions Vol1 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