Post Utme Babcock University 2024 Economics Question 3

Practice objective / multiple choice question 3 from the 2024 Post Utme Babcock University Economics examination.

Post Utme Babcock University 2024 Economics Objective / Multiple Choice

Question 3 POST_UTME_BABCOCK_UNIVERSITY • 2024 • ECONOMICS • objective

A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the new \cost function equation?

Answer Options

Correct Answer A. C = 100 + 2.4L + 3.45K

B. C = 100 + 2.4L + 3.15K

C. C = 100 + 2.2L + 3.45K

D. C = 100 + 2.2L + 3.15K

Correct Answer

Correct Option:

C = 100 + 2.4L + 3.45K

About This Question

This is Post Utme Babcock University 2024 Economics Question 3. It is one of the objective questions from the 2024 Post Utme Babcock University Economics examination.

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