Post Utme Covenant University 2023 Economics Question 7
Practice objective / multiple choice question 7 from the 2023 Post Utme Covenant University Economics examination.
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, find the optimal combination of labor and capital that minimizes the \cost of production.
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About This Question
This is Post Utme Covenant University 2023 Economics Question 7. It is one of the objective questions from the 2023 Post Utme Covenant University Economics examination.
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