Post Utme Elizade University 2019 Commerce Question 27
Practice objective / multiple choice question 27 from the 2019 Post Utme Elizade University Commerce examination.
A firm specializes in producing a single product, which is a combination of two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor, and K is the amount of capital. If the firm wants to produce 16 units of the product, and the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the minimum cost of production?
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About This Question
This is Post Utme Elizade University 2019 Commerce Question 27. It is one of the objective questions from the 2019 Post Utme Elizade University Commerce examination.
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