Waec Model Questions Vol1 2021 Economics Question 31
Practice objective / multiple choice question 31 from the 2021 Waec Model Questions Vol1 Economics examination.
A city bus company operates a 20 km route daily. The daily ridership (in passengers) is estimated by the linear demand function Q = 3000 - 20P, where P is the fare (in Naira) per passenger. The company incurs a fixed daily cost of ₦20,000 and a variable cost of ₦8 per passenger (fuel and other per‑passenger expenses). The management wants to earn a profit of ₦15,000 per day. What is the minimum fare (to two decimal places) that the company must charge to achieve this profit target?
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About This Question
This is Waec Model Questions Vol1 2021 Economics Question 31. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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