Post Utme Covenant University 2024 Economics Question 27
Practice objective / multiple choice question 27 from the 2024 Post Utme Covenant University Economics examination.
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production functions for the two goods are given by the equations Q_A = 2L^0.5K^0.5 and Q_B = 3L^0.5K^0.5, where Q_A and Q_B are the quantities of goods A and B produced, and L and K are the quantities of labor and capital used, respectively. If the firm has 100 units of labor and 200 units of capital available, and the prices of goods A and B are ₦100 and ₦200, respectively, find the optimal quantities of goods A and B to produce.
Answer Options
About This Question
This is Post Utme Covenant University 2024 Economics Question 27. It is one of the objective questions from the 2024 Post Utme Covenant University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.