Post Utme Futa 2020 Economics Question 8
Practice objective / multiple choice question 8 from the 2020 Post Utme Futa Economics examination.
Consider a firm with a production function Q = 3L^0.5K^0.5. If the firm's current input prices are w = ₦150 per unit of labor and r = ₦300 per unit of capital, and the market wage and rental rates are w = ₦180 per unit of labor and r = ₦320 per unit of capital, respectively, what is the optimal input combination for the firm?
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About This Question
This is Post Utme Futa 2020 Economics Question 8. It is one of the objective questions from the 2020 Post Utme Futa Economics examination.
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