Neco Model Questions Vol1 2020 Economics Question 47

Practice objective / multiple choice question 47 from the 2020 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2020 Economics Objective / Multiple Choice Medium Difficulty
Question 47 NECO_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

A firm's total cost (in Naira) for producing Q units of a product is \( C = 2000 + 5Q + 0.1Q^{2} \). The market price per unit is determined by the demand equation \( P = 100 - 0.5Q \). Find the output level that yields the greatest profit and state the maximum profit.

Answer Options

A. Output ≈ 85 units; Maximum profit ≈ ₦2,000.00
Correct Answer B. Output ≈ 79.17 units; Maximum profit ≈ ₦1,760.42
C. Output ≈ 70 units; Maximum profit ≈ ₦1,500.00
D. Output ≈ 60 units; Maximum profit ≈ ₦1,200.00
Correct Answer
B
Correct Option:
Output ≈ 79.17 units; Maximum profit ≈ ₦1,760.42

About This Question

This is Neco Model Questions Vol1 2020 Economics Question 47. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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