Neco Model Questions Vol1 2020 Economics Question 29

Practice objective / multiple choice question 29 from the 2020 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2020 Economics Objective / Multiple Choice Medium Difficulty
Question 29 NECO_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

A firm's total product (TP) as a function of labour \(L\) (measured in hundreds of workers) is \(TP(L) = 20L - 0.5L^{2}\). Find the labour input that yields the maximum total product, the maximum total product, and the marginal product at that labour input.

Answer Options

A. Labour = 2500 workers; Maximum TP = 187.5 units; MP = -5
B. Labour = 1500 workers; Maximum TP = 225 units; MP = 5
Correct Answer C. Labour = 2000 workers; Maximum TP = 200 units; MP = 0
D. Labour = 1000 workers; Maximum TP = 150 units; MP = 10
Correct Answer
C
Correct Option:
Labour = 2000 workers; Maximum TP = 200 units; MP = 0

About This Question

This is Neco Model Questions Vol1 2020 Economics Question 29. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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