Post Utme Covenant University 2023 Economics Question 40

Practice objective / multiple choice question 40 from the 2023 Post Utme Covenant University Economics examination.

Post Utme Covenant University 2023 Economics Objective / Multiple Choice
Question 40 POST_UTME_COVENANT_UNIVERSITY • 2023 • ECONOMICS • objective

A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. U\sing the concept of returns to scale, determine the firm's short-run and long-run production functions.

Answer Options

A. Q = 2L^0.5K^0.5 \( short-run and long-run \)
Correct Answer B. Q = 2L^0.5K^0.5 \( short-run \), Q = 2L^1K^1 \( long-run \)
C. Q = 2L^1K^1 \( short-run \), Q = 2L^0.5K^0.5 \( long-run \)
D. Q = 2L^1K^1 \( short-run and long-run \)
Correct Answer
B
Correct Option:
Q = 2L^0.5K^0.5 \( short-run \), Q = 2L^1K^1 \( long-run \)

About This Question

This is Post Utme Covenant University 2023 Economics Question 40. It is one of the objective questions from the 2023 Post Utme Covenant University Economics examination.

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