Post Utme Babcock University 2020 Economics Question 40
Practice objective / multiple choice question 40 from the 2020 Post Utme Babcock University Economics examination.
A firm is producing a good u\sing two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, and the firm wants to maximize its profit, what is the optimal level of labor and capital to use?
Answer Options
About This Question
This is Post Utme Babcock University 2020 Economics Question 40. It is one of the objective questions from the 2020 Post Utme Babcock University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.