Neco Model Questions Vol1 2017 Economics Question 26

Practice objective / multiple choice question 26 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Medium Difficulty
Question 26 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

A firm's total product (TP) as a function of labour L (in units) is given by \( TP = 2L^{3} - 9L^{2} + 12L \). (i) Find the quantity of labour at which average product equals marginal product. (ii) Compute the total product at that labour quantity. Give your answers to two decimal places.

Answer Options

Correct Answer A. Labour = 2.25 units; Total product = 4.22 units
B. Labour = 3.00 units; Total product = 6.00 units
C. Labour = 1.50 units; Total product = 3.00 units
D. Labour = 2.75 units; Total product = 5.10 units
Correct Answer
A
Correct Option:
Labour = 2.25 units; Total product = 4.22 units

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 26. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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