Waec Model Questions Vol1 2018 Economics Question 47
Practice objective / multiple choice question 47 from the 2018 Waec Model Questions Vol1 Economics examination.
A farmer cultivates maize and soybeans on separate one‑hectare plots. The cost of production per hectare is N5,000 for maize and N4,000 for soybeans. Current yields are 3 tonnes of maize per hectare and 2.5 tonnes of soybeans per hectare. Market prices are N1,200 per tonne of maize and N1,500 per tonne of soybeans. The government introduces a subsidy of N200 per tonne on soybeans and a tax of N100 per tonne on maize. Determine the net profit (or loss) per hectare for each crop after the subsidy and tax, and state which crop now yields the higher profit.
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About This Question
This is Waec Model Questions Vol1 2018 Economics Question 47. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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