Neco Model Questions Vol1 2024 Economics Question 46
Practice objective / multiple choice question 46 from the 2024 Neco Model Questions Vol1 Economics examination.
A farmer cultivates 1 hectare of cassava. Fixed cost per season is ₦150,000 and variable cost per hectare is ₦45,000. The market price is ₦30,000 per tonne. Yield without fertilizer is 8 tonnes per hectare. For each additional \(50\) kg of fertilizer applied, yield increases by \(0.5\) tonne but fertilizer costs ₦5,000 per \(50\) kg. The government imposes a tax of 10 % on any revenue exceeding ₦500,000. What is the minimum amount of fertilizer (in kilograms) the farmer must apply to achieve a profit of at least ₦200,000?
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About This Question
This is Neco Model Questions Vol1 2024 Economics Question 46. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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