Waec Model Questions Vol1 2018 Economics Question 33
Practice objective / multiple choice question 33 from the 2018 Waec Model Questions Vol1 Economics examination.
A farmer produces maize with the yield per hectare (in tons) given by \(Y = 2 + 0.04N - 0.0001N^{2}\), where \(N\) is the amount of fertilizer applied (kg per hectare) and \(0\le N\le200\). The market price of maize is ₦150,000 per ton, fertilizer costs ₦30 per kg, and other variable costs are ₦20,000 per hectare. Determine the quantity of fertilizer that maximizes profit per hectare and compute the maximum profit.
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 33. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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