Post Utme Elizade University 2024 Economics Question 39
Practice objective / multiple choice question 39 from the 2024 Post Utme Elizade University Economics examination.
Consider a firm that produces two goods, A and B, u\sing two inputs, labor (L) and capital (K). The production functions are given by Q_A = 2L^0.5K^0.5 and Q_B = 3L^0.5K^0.5. If the firm's budget constraint is given by 2L + 3K = 12, calculate the firm's optimal input mix and the marginal rate of technical substitution (MRTS) between labor and capital.
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This is Post Utme Elizade University 2024 Economics Question 39. It is one of the objective questions from the 2024 Post Utme Elizade University Economics examination.
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