Post Utme Al Hikmah University 2021 Economics Question 40

Practice objective / multiple choice question 40 from the 2021 Post Utme Al Hikmah University Economics examination.

Post Utme Al Hikmah University 2021 Economics Objective / Multiple Choice

Question 40 POST_UTME_AL-HIKMAH_UNIVERSITY • 2021 • ECONOMICS • objective

A firm's \cost function is given by \( C = 2L + 3K \). If the firm's output is 16 units and the price of labor is ₦20 per unit, while the price of capital is ₦30 per unit, what is the firm's optimal input combination of labor and capital?

Answer Options

Correct Answer A. (4, 2)

B. (2, 4)

C. (1, 8)

D. (8, 1)

Correct Answer

Correct Option:

(4, 2)

About This Question

This is Post Utme Al Hikmah University 2021 Economics Question 40. It is one of the objective questions from the 2021 Post Utme Al Hikmah University Economics examination.

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