Neco Model Questions Vol1 2025 Economics Question 47
Practice objective / multiple choice question 47 from the 2025 Neco Model Questions Vol1 Economics examination.
A firm sells two products, A and B. The market demand functions are \( Q_A = 200 - 4P \) and \( Q_B = 150 - 3P \), where \(P\) is the common selling price (naira) for both products. The variable cost per unit is \(\text{₦}30\) for product A and \(\text{₦}20\) for product B. Fixed costs amount to \(\text{₦}1{,}000\). Determine the price \(P\) that maximizes the firm's total profit and compute the maximum profit (in naira, rounded to the nearest naira).
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About This Question
This is Neco Model Questions Vol1 2025 Economics Question 47. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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