Neco Model Questions Vol1 2025 Economics Question 42

Practice objective / multiple choice question 42 from the 2025 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2025 Economics Objective / Multiple Choice Medium Difficulty
Question 42 NECO_MODEL_QUESTIONS_VOL1 • 2025 • ECONOMICS • objective

A firm's total product (TP) as a function of labour input \(L\) is given by \(TP = 2L^{3} - 9L^{2} + 12L\). Find the level of labour at which the marginal product equals the average product, and compute the total product at that labour level. Give your answer for labour to two decimal places and total product to two decimal places.

Answer Options

A. Labour \(L = 2.50\) units; Total product \(TP \approx 5.10\) units
B. Labour \(L = 1.75\) units; Total product \(TP \approx 3.12\) units
Correct Answer C. Labour \(L = 2.25\) units; Total product \(TP \approx 4.22\) units
D. Labour \(L = 3.00\) units; Total product \(TP \approx 6.45\) units
Correct Answer
C
Correct Option:
Labour \(L = 2.25\) units; Total product \(TP \approx 4.22\) units

About This Question

This is Neco Model Questions Vol1 2025 Economics Question 42. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

View More Neco Model Questions Vol1 2025 Economics Questions More Neco Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support