Post Utme Babcock University 2020 Commerce Question 15
Practice objective / multiple choice question 15 from the 2020 Post Utme Babcock University Commerce examination.
A firm is producing a good using two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5, where Q is the quantity of the good produced, L is the amount of labor used, and K is the amount of capital used. If the price of labor is 10 per hour and the price of capital is 20 per hour, and if the firm is currently using 10 hours of labor and 5 hours of capital, what is the total cost of production?
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About This Question
This is Post Utme Babcock University 2020 Commerce Question 15. It is one of the objective questions from the 2020 Post Utme Babcock University Commerce examination.
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