Neco Model Questions Vol1 2023 Economics Question 18

Practice objective / multiple choice question 18 from the 2023 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2023 Economics Objective / Multiple Choice Medium Difficulty
Question 18 NECO_MODEL_QUESTIONS_VOL1 • 2023 • ECONOMICS • objective

A firm's total cost function is \(TC = 0.5Q^{2}+30Q+200\) and the market demand price is given by \(P = 120-0.2Q\). Determine the output level that maximizes profit and state the maximum profit.

Answer Options

A. Quantity ≈ 80 units; Maximum profit ≈ 3500
B. Quantity ≈ 50 units; Maximum profit ≈ 2100
Correct Answer C. Quantity ≈ 64 units; Maximum profit ≈ 2693
D. Quantity ≈ 70 units; Maximum profit ≈ 3000
Correct Answer
C
Correct Option:
Quantity ≈ 64 units; Maximum profit ≈ 2693

About This Question

This is Neco Model Questions Vol1 2023 Economics Question 18. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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