Neco Model Questions Vol1 2024 Agricultural Science Question 13
Practice objective / multiple choice question 13 from the 2024 Neco Model Questions Vol1 Agricultural Science examination.
A farmer has 40 ha of land to allocate between millet and groundnut. Fixed cost for the season is ₦50,000. Variable costs are ₦30,000 per hectare for millet and ₦45,000 per hectare for groundnut. Expected yields are 2.5 t ha⁻¹ for millet and 1.2 t ha⁻¹ for groundnut. Market prices are ₦120,000 t⁻¹ for millet and ₦200,000 t⁻¹ for groundnut. However, if the farmer plants more than 20 ha of millet, the market price of millet falls by 10 % (to ₦108,000 t⁻¹). Determine the allocation of hectares to millet and groundnut that maximizes profit and state the maximum profit (in naira).
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About This Question
This is Neco Model Questions Vol1 2024 Agricultural Science Question 13. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Agricultural Science examination.
Difficulty level: Hard .
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