Post Utme Elizade University 2018 Commerce Question 31
Practice objective / multiple choice question 31 from the 2018 Post Utme Elizade University Commerce examination.
A company has a cost function of C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the company wants to minimize its cost, what is the optimal level of labor and capital?
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About This Question
This is Post Utme Elizade University 2018 Commerce Question 31. It is one of the objective questions from the 2018 Post Utme Elizade University Commerce examination.
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