Post Utme Christopher University 2024 Economics Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Christopher University Economics examination.

Post Utme Christopher University 2024 Economics Objective / Multiple Choice
Question 31 POST_UTME_CHRISTOPHER_UNIVERSITY • 2024 • ECONOMICS • objective

Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^\( 1/2 \)H^\( 1/2 \). If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, calculate the firm's marginal product of labor (MPL) and marginal product of capital (MPK).

Answer Options

Correct Answer A. MPL = 0.5L^\( -1/2 \)H^\( 1/2 \), MPK = L^\( 1/2 \)H^\( -1/2 \)
B. MPL = L^\( -1/2 \)H^\( -1/2 \), MPK = 0.5L^\( 1/2 \)H^\( -1/2 \)
C. MPL = 0.5L^\( -1/2 \)H^\( -1/2 \), MPK = L^\( -1/2 \)H^\( 1/2 \)
D. MPL = L^\( -1/2 \)H^\( 1/2 \), MPK = 0.5L^\( 1/2 \)H^\( -1/2 \)
Correct Answer
A
Correct Option:
MPL = 0.5L^\( -1/2 \)H^\( 1/2 \), MPK = L^\( 1/2 \)H^\( -1/2 \)

About This Question

This is Post Utme Christopher University 2024 Economics Question 31. It is one of the objective questions from the 2024 Post Utme Christopher University Economics examination.

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