Post Utme Futo 2022 Economics Question 34
Practice objective / multiple choice question 34 from the 2022 Post Utme Futo Economics examination.
A firm in Nigeria produces a product u\sing two inputs, labor and capital. The production function is given by the equation Q = 10L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the price of labor is ₦100 per hour and the price of capital is ₦200 per hour, what is the optimal combination of labor and capital that minimizes the \cost of production if the quantity demanded is 100 units?
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About This Question
This is Post Utme Futo 2022 Economics Question 34. It is one of the objective questions from the 2022 Post Utme Futo Economics examination.
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