Post Utme Al Hikmah University 2024 Economics Question 36
Practice objective / multiple choice question 36 from the 2024 Post Utme Al Hikmah University Economics examination.
Consider a production function given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's objective is to maximize profits, what is the optimal level of labor (L) if the firm's capital (K) is 4 units?
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This is Post Utme Al Hikmah University 2024 Economics Question 36. It is one of the objective questions from the 2024 Post Utme Al Hikmah University Economics examination.
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