Waec Model Questions Vol1 2023 Economics Question 10
Practice objective / multiple choice question 10 from the 2023 Waec Model Questions Vol1 Economics examination.
A firm produces output according to the Cobb‑Douglas function \(Q = 20 L^{0.5} K^{0.5}\), where \(L\) is labour units and \(K\) is capital units. The wage rate is ₦500 per unit of labour and the rental rate of capital is ₦800 per unit. The firm must produce at least 2,000 units of output. Determine the cost‑minimising quantities of labour and capital and compute the minimum total cost.
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This is Waec Model Questions Vol1 2023 Economics Question 10. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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