Neco Model Questions Vol1 2022 Economics Question 31
Practice objective / multiple choice question 31 from the 2022 Neco Model Questions Vol1 Economics examination.
A firm's total cost function is \(TC = 2000 + 5Q + 0.02Q^{2}\) (in naira) where \(Q\) is output. The market demand is given by \(P = 120 - 0.1Q\). Determine the output that maximises profit and state the maximum profit (rounded to the nearest naira).
Answer Options
About This Question
This is Neco Model Questions Vol1 2022 Economics Question 31. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.