Neco Model Questions Vol1 2018 Agricultural Science Question 21
Practice objective / multiple choice question 21 from the 2018 Neco Model Questions Vol1 Agricultural Science examination.
A farmer plans to produce maize. Fixed costs are N500,000. Variable cost is N150,000 per ton. If the farmer produces more than 8 tons, an additional storage cost of N20,000 is incurred for each ton above 8. The market price per ton is N250,000, but for every ton produced above 10 the price falls by 5 % of the original price for each extra ton (i.e., price per ton = N250,000 × [1 - 0.05 ((q) - 10)] for (q) > 10). Determine the quantity of maize (in whole tons) that maximizes profit and state the maximum profit.
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About This Question
This is Neco Model Questions Vol1 2018 Agricultural Science Question 21. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Agricultural Science examination.
Difficulty level: Hard .
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