Post Utme Igbinedion University 2018 Economics Question 21
Practice objective / multiple choice question 21 from the 2018 Post Utme Igbinedion University Economics examination.
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the quantity produced, L is labor and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200K = 10000, find the optimal values of L and K.
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This is Post Utme Igbinedion University 2018 Economics Question 21. It is one of the objective questions from the 2018 Post Utme Igbinedion University Economics examination.
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