Post Utme Afe Babalola University 2024 Economics Question 3
Practice objective / multiple choice question 3 from the 2024 Post Utme Afe Babalola University Economics examination.
A firm's production function is given by \( Q = 2L + 3K \), where L and K are the quantities of labor and capital respectively. If the firm's output is 100 units and the price of labor is ₦20,000 per unit and the price of capital is ₦30,000 per unit, what is the firm's optimal input mix?
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This is Post Utme Afe Babalola University 2024 Economics Question 3. It is one of the objective questions from the 2024 Post Utme Afe Babalola University Economics examination.
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