Neco Model Questions Vol1 2019 Economics Question 44
Practice objective / multiple choice question 44 from the 2019 Neco Model Questions Vol1 Economics examination.
A wheat farmer faces a total cost function \(TC = 100 + 2Q + 0.05Q^{2}\) (where \(Q\) is output in tonnes) and the market demand for wheat is \(P = 200 - 0.5Q\).\n\n(a) Determine the profit‑maximising output, the market price and the consumer surplus at this output.\n(b) If the government imposes a per‑unit tax of ₦20 on wheat, what is the dead‑weight loss created by the tax? (Give your answer to one decimal place.)
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About This Question
This is Neco Model Questions Vol1 2019 Economics Question 44. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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