Neco Model Questions Vol1 2023 Economics Question 1
Practice objective / multiple choice question 1 from the 2023 Neco Model Questions Vol1 Economics examination.
A firm's production function for a single product is \(Q = 20L - 0.5L^{2}\), where \(Q\) is output (units) and \(L\) is labour employed (workers). The product sells for ₦200 per unit and the wage rate is ₦150 per worker. Assuming the firm aims to maximise profit, determine the number of workers it should employ and the maximum profit attainable.
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 1. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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