Post Utme Covenant University 2019 Economics Question 40
Practice objective / multiple choice question 40 from the 2019 Post Utme Covenant University Economics examination.
A firm produces two products, A and B, u\sing two inputs, labor and capital. The production function for product A is given by Q_A = 2L^0.5K^0.5, where Q_A is the quantity of product A produced, L is the amount of labor used, and K is the amount of capital used. The production function for product B is given by Q_B = 3L^0.7K^0.3. If the firm uses 100 units of labor and 50 units of capital, calculate the total revenue from the sale of both products.
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About This Question
This is Post Utme Covenant University 2019 Economics Question 40. It is one of the objective questions from the 2019 Post Utme Covenant University Economics examination.
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