Neco Model Questions Vol1 2024 Economics Question 24
Practice objective / multiple choice question 24 from the 2024 Neco Model Questions Vol1 Economics examination.
A textile firm has total cost (in million Naira) given by \(TC = 0.05Q^{2} + 0.1Q + 0.05\), where \(Q\) is output in thousand units. The government imposes a per‑unit tax of \(\text{₦}2\) on each unit produced. The market price of the product is \(\text{₦}500\) per unit. Determine the profit‑maximising output level (in thousand units) after the tax and compute the firm's profit (or loss) in million Naira, rounding the profit to three decimal places.
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About This Question
This is Neco Model Questions Vol1 2024 Economics Question 24. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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