Post Utme Christopher University 2024 Economics Question 34

Practice objective / multiple choice question 34 from the 2024 Post Utme Christopher University Economics examination.

Post Utme Christopher University 2024 Economics Objective / Multiple Choice
Question 34 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 average product of labor (APL) and average product of capital (APK).

Answer Options

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

About This Question

This is Post Utme Christopher University 2024 Economics Question 34. It is one of the objective questions from the 2024 Post Utme Christopher University Economics examination.

View More Post Utme Christopher University 2024 Economics Questions More Post Utme Christopher University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support