Neco Model Questions Vol1 2017 Economics Question 43

Practice objective / multiple choice question 43 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Hard Difficulty
Question 43 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

A monopolist faces a total cost function \(TC = 0.2Q^{3} - 3Q^{2} + 50Q + 500\) (Q in thousand units) and the market demand \(P = 150 - 0.05Q\). Determine the profit‑maximising output (in thousand units), the corresponding price per unit, and the maximum profit (in naira).

Answer Options

A. Output ≈ 20.00 thousand units; price ≈ ₦148.00 per unit; maximum profit ≈ ₦1,050,000
B. Output ≈ 17.50 thousand units; price ≈ ₦150.50 per unit; maximum profit ≈ ₦1,200,000
Correct Answer C. Output ≈ 18.73 thousand units; price ≈ ₦149.06 per unit; maximum profit ≈ ₦1,094,000
D. Output ≈ 18.73 thousand units; price ≈ ₦147.00 per unit; maximum profit ≈ ₦950,000
Correct Answer
C
Correct Option:
Output ≈ 18.73 thousand units; price ≈ ₦149.06 per unit; maximum profit ≈ ₦1,094,000

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 43. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Hard .

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