Post Utme Eksu 2024 Economics Question 3

Practice objective / multiple choice question 3 from the 2024 Post Utme Eksu Economics examination.

Post Utme Eksu 2024 Economics Objective / Multiple Choice
Question 3 POST_UTME_EKSU • 2024 • ECONOMICS • objective

A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and the firm's current output price is p = ₦500, calculate the firm's current profit-maximizing level of labor (L) and capital (K).

Answer Options

Correct Answer A. L = 100, K = 100
B. L = 50, K = 50
C. L = 200, K = 200
D. L = 0, K = 0
Correct Answer
A
Correct Option:
L = 100, K = 100

About This Question

This is Post Utme Eksu 2024 Economics Question 3. It is one of the objective questions from the 2024 Post Utme Eksu Economics examination.

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