Waec Model Questions Vol1 2017 Economics Question 4
Practice essay / theory question 4 from the 2017 Waec Model Questions Vol1 Economics examination. This question covers Production .
A firm produces output using labour (L) and capital (K). The table below shows the marginal product of labour (MPL) and marginal product of capital (MPK) for different input combinations. | L (units) | K (units) | MPL (output per additional labour) | MPK (output per additional capital) | |-----------|-----------|-------------------------------------|--------------------------------------| | 1 | 2 | 120 | 80 | | 2 | 2 | 100 | 80 | | 3 | 2 | 80 | 80 | | 4 | 2 | 60 | 80 | The wage rate (cost of one unit of labour) is ₦50 and the rental rate of capital is ₦40 per unit. Answer the following questions.
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This is Waec Model Questions Vol1 2017 Economics Question 4. It is one of the essay questions from the 2017 Waec Model Questions Vol1 Economics examination.
The question covers Production .
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