Post Utme Crawford University 2018 Economics Question 5

Practice objective / multiple choice question 5 from the 2018 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2018 Economics Objective / Multiple Choice
Question 5 POST_UTME_CRAWFORD_UNIVERSITY • 2018 • ECONOMICS • objective

A firm's \cost function is given by \( C = 100 + 20L + 10K \). If the firm's revenue function is given by \( R = 200L + 300K \), what is the firm's profit function?

Answer Options

A. \( pi = 100 + 20L + 10K \)
B. \( pi = 200L + 300K \)
Correct Answer C. \( pi = 100 + 20L + 10K - 200L - 300K \)
D. \( pi = 100 + 20L + 10K + 200L + 300K \)
Correct Answer
C
Correct Option:
\( pi = 100 + 20L + 10K - 200L - 300K \)

About This Question

This is Post Utme Crawford University 2018 Economics Question 5. It is one of the objective questions from the 2018 Post Utme Crawford University Economics examination.

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