Post Utme Ims U 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Ims U Economics examination.

Post Utme Ims U 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_IMS_U • 2022 • ECONOMICS • objective

Determine the value of the marginal product of labor (MPL) for a firm that produces a homogeneous good u\sing the production function Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the quantity produced, L is the number of labor units, and K is the number of capital units.

Answer Options

A. \( MPL = \frac{dQ}{dL} = L^{-1/2}K^{1/2} \)
Correct Answer B. \( MPL = \frac{dQ}{dL} = 2L^{-1/2}K^{1/2} \)
C. \( MPL = \frac{dQ}{dL} = 2L^{1/2}K^{-1/2} \)
D. \( MPL = \frac{dQ}{dL} = L^{1/2}K^{-1/2} \)
Correct Answer
B
Correct Option:
\( MPL = \frac{dQ}{dL} = 2L^{-1/2}K^{1/2} \)

About This Question

This is Post Utme Ims U 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Ims U Economics examination.

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