Post Utme Caleb University 2017 Economics Question 39
Practice objective / multiple choice question 39 from the 2017 Post Utme Caleb University Economics examination.
Consider a firm that produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production function for good X is given by Q_X = 2L^0.5K^0.5, while the production function for good Y is given by Q_Y = 3L^0.7K^0.3. If the firm has 100 units of labor and 50 units of capital, what is the marginal rate of technical substitution (MRTS) between labor and capital for good X?
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About This Question
This is Post Utme Caleb University 2017 Economics Question 39. It is one of the objective questions from the 2017 Post Utme Caleb University Economics examination.
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