Neco Model Questions Vol1 2024 Geography Question 3
Practice objective / multiple choice question 3 from the 2024 Neco Model Questions Vol1 Geography examination.
A factory produces widgets. Its total‑cost function (in thousand naira) is \(C(q)=0.02q^{3}-0.3q^{2}+150q+500\), where \(q\) is output in thousands of units. The demand price per thousand units is \(P(q)=200-0.05q\). Determine the output level (in thousands of units) that maximises profit, compute the maximum profit (in thousand naira), and state whether marginal cost is increasing at that output.
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About This Question
This is Neco Model Questions Vol1 2024 Geography Question 3. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Geography examination.
Difficulty level: Hard .
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