Post Utme Coal City University 2018 Economics Question 32
Practice objective / multiple choice question 32 from the 2018 Post Utme Coal City University Economics examination.
A firm is producing two goods, X and Y, u\sing two inputs, labor and capital. The production function for good X is given by Q_X = 2L^0.5K^0.5, where Q_X is the quantity of good X produced, L is the amount of labor used, and K is the amount of capital used. The production function for good Y is given by Q_Y = 3L^0.7K^0.3. If the firm is currently u\sing 100 units of labor and 50 units of capital, what is the opportunity \cost of producing one more unit of good X?
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About This Question
This is Post Utme Coal City University 2018 Economics Question 32. It is one of the objective questions from the 2018 Post Utme Coal City University Economics examination.
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