Post Utme Crawford University 2017 Economics Question 10

Practice objective / multiple choice question 10 from the 2017 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2017 Economics Objective / Multiple Choice
Question 10 POST_UTME_CRAWFORD_UNIVERSITY • 2017 • ECONOMICS • objective

A firm has a production function Q = 2L + 3K, where L is labor and K is capital. If the firm's output is 100 units and the price of output is ₦10, what is the firm's optimal combination of labor and capital?

Answer Options

A. L = 20, K = 30
B. L = 30, K = 20
Correct Answer C. L = 25, K = 25
D. L = 15, K = 35
Correct Answer
C
Correct Option:
L = 25, K = 25

About This Question

This is Post Utme Crawford University 2017 Economics Question 10. It is one of the objective questions from the 2017 Post Utme Crawford 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.

Unlock Full Access Available for Android & Windows
Chat with Support