Waec Model Questions Vol1 2021 Economics Question 37

Practice objective / multiple choice question 37 from the 2021 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2021 Economics Objective / Multiple Choice Medium Difficulty
Question 37 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

A firm's production function is Q = 5L - 0.1L², where Q is output (units) and L is labour (workers). The wage rate is ₦200 per worker per day and the output price is ₦500 per unit. Determine the number of workers that maximizes profit and compute the maximum profit.

Answer Options

A. 22 workers; profit = 25,800 Naira
Correct Answer B. 23 workers; profit = 26,450 Naira
C. 20 workers; profit = 24,500 Naira
D. 24 workers; profit = 27,100 Naira
Correct Answer
B
Correct Option:
23 workers; profit = 26,450 Naira

About This Question

This is Waec Model Questions Vol1 2021 Economics Question 37. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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