Neco Model Questions Vol1 2022 Economics Question 14

Practice objective / multiple choice question 14 from the 2022 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 14 NECO_MODEL_QUESTIONS_VOL1 • 2022 • ECONOMICS • objective

A firm's total cost function is \(TC = 0.5Q^{2} + 10Q + 50\) and its total revenue function is \(TR = 40Q - 0.3Q^{2}\), where \(Q\) is output in units. Determine the output level that maximizes profit and state the maximum profit.

Answer Options

A. Q = 15.00 units; profit = 200.00
Correct Answer B. Q = 18.75 units; profit = 231.25
C. Q = 20.00 units; profit = 250.00
D. Q = 12.50 units; profit = 150.00
Correct Answer
B
Correct Option:
Q = 18.75 units; profit = 231.25

About This Question

This is Neco Model Questions Vol1 2022 Economics Question 14. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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