Neco Model Questions Vol1 2017 Economics Question 32
Practice objective / multiple choice question 32 from the 2017 Neco Model Questions Vol1 Economics examination.
A farmer's production function for maize is \(Q = 20\sqrt{L\,F}\) where \(L\) is labour units and \(F\) is fertilizer units. The wage rate is ₦150 per labour unit and fertilizer costs ₦200 per unit. The farmer can hire at most 100 labour units and 80 fertilizer units. The market price of maize is ₦500 per ton. Determine the combination of \(L\) and \(F\) that maximises profit and state the maximum profit (in naira, rounded to the nearest naira).
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 32. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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