Waec Model Questions Vol1 2019 Economics Question 29

Practice objective / multiple choice question 29 from the 2019 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2019 Economics Objective / Multiple Choice Medium Difficulty
Question 29 WAEC_MODEL_QUESTIONS_VOL1 • 2019 • ECONOMICS • objective

A firm faces the total cost function TC = 0.02Q³ - 0.3Q² + 10Q + 500 (naira) and the market demand price function P = 120 - 0.5Q. Determine the output level that maximises profit and compute the maximum profit (both rounded to the nearest whole naira).

Answer Options

A. Quantity = 35 units; Profit = 2100
Correct Answer B. Quantity = 40 units; Profit = 2300
C. Quantity = 40 units; Profit = 2000
D. Quantity = 45 units; Profit = 2500
Correct Answer
B
Correct Option:
Quantity = 40 units; Profit = 2300

About This Question

This is Waec Model Questions Vol1 2019 Economics Question 29. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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