Post Utme Ims U 2018 Economics Question 40

Practice objective / multiple choice question 40 from the 2018 Post Utme Ims U Economics examination.

Post Utme Ims U 2018 Economics Objective / Multiple Choice
Question 40 POST_UTME_IMS_U • 2018 • ECONOMICS • objective

A country has a production function given by Y = 10L + 20K, where Y is the output, L is the labor, and K is the capital. If the country wants to increase its output by 10%, what percentage increase in labor and capital is required?

Answer Options

A. 5% increase in labor and 10% increase in capital
B. 10% increase in labor and 5% increase in capital
Correct Answer C. 15% increase in labor and 15% increase in capital
D. 20% increase in labor and 20% increase in capital
Correct Answer
C
Correct Option:
15% increase in labor and 15% increase in capital

About This Question

This is Post Utme Ims U 2018 Economics Question 40. It is one of the objective questions from the 2018 Post Utme Ims U Economics examination.

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