Post Utme Bowen University 2017 Economics Question 22
Practice objective / multiple choice question 22 from the 2017 Post Utme Bowen University Economics examination.
A firm produces two goods, X and Y, u\sing two inputs, labor and capital. The production function for good X is given by Qx = 10L^0.5K^0.5, where Qx is the quantity of good X produced, L is the amount of labor used, and K is the amount of capital used. If the price of good X is ₦100 and the price of good Y is ₦200, and the firm's budget constraint is 100L + 200K = ₦1000, what is the optimal combination of labor and capital that the firm should use?
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About This Question
This is Post Utme Bowen University 2017 Economics Question 22. It is one of the objective questions from the 2017 Post Utme Bowen University Economics examination.
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