Post Utme Crawford University 2024 Commerce Question 11
Practice objective / multiple choice question 11 from the 2024 Post Utme Crawford University Commerce examination.
A firm produces two goods, A and B, using two inputs, labor (L) and capital (K). The production function for good A is given by ( Q_A = 2L^{0.4}K^{0.6} ), while the production function for good B is given by ( Q_B = 3L^{0.7}K^{0.3} ). If the firm has 100 units of labor and 50 units of capital, and the prices of labor and capital are ₦100 and ₦200 respectively, what is the optimal production plan for the firm?
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About This Question
This is Post Utme Crawford University 2024 Commerce Question 11. It is one of the objective questions from the 2024 Post Utme Crawford University Commerce examination.
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