Waec Model Questions Vol1 2018 Economics Question 37

Practice objective / multiple choice question 37 from the 2018 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2018 Economics Objective / Multiple Choice Medium Difficulty
Question 37 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • ECONOMICS • objective

The market demand for a product is P = 120 - 0.5Q, where P is price (naira) and Q is quantity demanded. The firm's total cost function is TC = 20Q + 500. Find the output level that maximizes profit and state the maximum profit.

Answer Options

Correct Answer A. Produce 100 units; Maximum profit = 4,500 naira
B. Produce 80 units; Maximum profit = 3,200 naira
C. Produce 120 units; Maximum profit = 5,000 naira
D. Produce 90 units; Maximum profit = 4,000 naira
Correct Answer
A
Correct Option:
Produce 100 units; Maximum profit = 4,500 naira

About This Question

This is Waec Model Questions Vol1 2018 Economics Question 37. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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