Post Utme Crawford University 2024 Economics Question 28
Practice objective / multiple choice question 28 from the 2024 Post Utme Crawford University Economics examination.
A firm is faced with a production function given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm wants to produce an output of 16 units, and the wage rate is ₦100 per unit of labor, and the rental rate of capital is ₦200 per unit of capital, what is the optimal combination of labor and capital?
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This is Post Utme Crawford University 2024 Economics Question 28. It is one of the objective questions from the 2024 Post Utme Crawford University Economics examination.
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