Post Utme Futa 2023 Economics Question 38

Practice objective / multiple choice question 38 from the 2023 Post Utme Futa Economics examination.

Post Utme Futa 2023 Economics Objective / Multiple Choice
Question 38 POST_UTME_FUTA • 2023 • ECONOMICS • objective

A firm is producing a product with the following production function: Q = 2L + 3K, where L is labor and K is capital. The firm's total \cost function is given by TC = 10L + 20K. U\sing the concept of \cost minimization, explain why the firm might choose to increase its use of labor.

Answer Options

Correct Answer A. The firm wants to minimize its total \cost.
B. The firm wants to maximize its total \cost.
C. The firm wants to increase its use of capital.
D. The firm wants to decrease its use of labor.
Correct Answer
A
Correct Option:
The firm wants to minimize its total \cost.

About This Question

This is Post Utme Futa 2023 Economics Question 38. It is one of the objective questions from the 2023 Post Utme Futa Economics examination.

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