Neco Model Questions Vol1 2023 Economics Question 36
Practice objective / multiple choice question 36 from the 2023 Neco Model Questions Vol1 Economics examination.
A bus company incurs a fixed annual cost of ₦1,200,000 and a variable cost of ₦50 per kilometre. Each bus travels 2,000 km per month. The monthly demand for tickets is given by \( Q = 5{,}000 - 20P \), where \(P\) is the ticket price in naira. Determine the ticket price that maximizes the company's monthly profit and state the maximum profit (in naira).
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 36. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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