Neco Model Questions Vol1 2020 Agricultural Science Question 36
Practice objective / multiple choice question 36 from the 2020 Neco Model Questions Vol1 Agricultural Science examination.
A farmer has fixed costs of \(\text{₦}150,000\) per season and a variable cost of \(\text{₦}30,000\) per hectare. The expected yield is \(2.5\) tonnes per hectare. The market price per tonne depends on the total quantity supplied according to the linear relation \(P = 120,000 - 5,000 Q\), where \(P\) is the price in naira and \(Q\) is the total quantity (in tonnes) brought to market. What is the minimum area (in hectares, to two decimal places) the farmer must cultivate to achieve a profit of at least \(\text{₦}50,000\)?
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About This Question
This is Neco Model Questions Vol1 2020 Agricultural Science Question 36. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Agricultural Science examination.
Difficulty level: Hard .
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