Waec Model Questions Vol1 2017 Economics Question 48
Practice objective / multiple choice question 48 from the 2017 Waec Model Questions Vol1 Economics examination.
A widget‑producing firm uses a fixed amount of capital (K = 100 units) and variable labour L (workers). Its production function is \(Q = 20L - 0.5L^{2}\) where Q is output in units per day. The market price of a widget is ₦150 and the daily wage per worker is ₦200. There are no other costs. Determine the number of workers that maximises the firm's daily profit and compute that maximum profit.
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About This Question
This is Waec Model Questions Vol1 2017 Economics Question 48. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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