Post Utme Ims U 2017 Economics Question 4

Practice objective / multiple choice question 4 from the 2017 Post Utme Ims U Economics examination.

Post Utme Ims U 2017 Economics Objective / Multiple Choice

Question 4 POST_UTME_IMS_U • 2017 • ECONOMICS • objective

A firm's \cost function is given by \( C = 2L + 3K \). If the firm's output is 100 units and the price of labor is ₦10, find the optimal input combination of labor and capital.

A. (L,K) = (5, 5)

B. (L,K) = (10, 10)

Correct Answer C. (L,K) = (15, 15)

D. (L,K) = (20, 20)

Correct Answer

Correct Option:

(L,K) = (15, 15)

This is Post Utme Ims U 2017 Economics Question 4. It is one of the objective questions from the 2017 Post Utme Ims U Economics examination.

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support