Post Utme Greenfield University 2017 Economics Question 22
Practice objective / multiple choice question 22 from the 2017 Post Utme Greenfield University Economics examination.
A firm is producing two goods, X and Y, u\sing two inputs, labor and capital. The production function for good X is given by Q_X = 2L^0.5K^0.5, where Q_X is the quantity of good X produced, L is the amount of labor used, and K is the amount of capital used. The production function for good Y is given by Q_Y = 3L^0.2K^0.8. If the firm is currently u\sing 100 units of labor and 200 units of capital, and the price of good X is ₦100 per unit, and the price of good Y is ₦200 per unit, what is the total revenue of the firm?
Answer Options
About This Question
This is Post Utme Greenfield University 2017 Economics Question 22. It is one of the objective questions from the 2017 Post Utme Greenfield University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.