Post Utme Caleb University 2024 Economics Question 17
Practice objective / multiple choice question 17 from the 2024 Post Utme Caleb University Economics examination.
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm's budget constraint is given by 100L + 200K = ₦100,000, what is the firm's optimal level of output?
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This is Post Utme Caleb University 2024 Economics Question 17. It is one of the objective questions from the 2024 Post Utme Caleb University Economics examination.
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