Neco Model Questions Vol1 2024 Agricultural Science Question 5
Practice objective / multiple choice question 5 from the 2024 Neco Model Questions Vol1 Agricultural Science examination.
A farmer cultivates maize on 5 ha. The variable cost per hectare (in naira) depends on the expected yield \(Y\) (tonnes ha⁻¹) as \(C_v = 1500 + 200Y - 5Y^{2}\). Fixed costs for the whole farm amount to ₦10,000. The market price per tonne is a decreasing linear function of total production \(Q = 5Y\): \(P = 2000 - 20Q\) (naira per tonne). Determine the yield per hectare that maximises the farmer's profit and compute the maximum profit. Give the optimal yield to one decimal place (tonnes ha⁻¹) and the profit in naira, rounded to the nearest naira.
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About This Question
This is Neco Model Questions Vol1 2024 Agricultural Science Question 5. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Agricultural Science examination.
Difficulty level: Hard .
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