Neco Model Questions Vol1 2020 Economics Question 1
Practice objective / multiple choice question 1 from the 2020 Neco Model Questions Vol1 Economics examination.
A farmer grows maize with fixed costs of \(\text{₦}120{,}000\) per season. The variable cost per hectare is \(\text{₦}30{,}000 + \text{₦}5{,}000 \times (\text{yield per hectare in tonnes})\). The expected yield is 4 tonnes per hectare. The farmer plans to plant \(x\) hectares and wants a profit of at least \(\text{₦}200{,}000\). The market price is \(\text{₦}50{,}000\) per tonne, but a marketing levy of 10% is charged on total revenue. What is the minimum whole number of hectares the farmer must plant to achieve the target profit?
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About This Question
This is Neco Model Questions Vol1 2020 Economics Question 1. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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