Post Utme Ims U 2022 Economics Question 2

Practice objective / multiple choice question 2 from the 2022 Post Utme Ims U Economics examination.

Post Utme Ims U 2022 Economics Objective / Multiple Choice
Question 2 POST_UTME_IMS_U • 2022 • ECONOMICS • objective

A firm's production function is given by Q = 3L^(2)K^\( 1/2 \). If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, calculate the total revenue (TR) and the marginal revenue product of labor (MRPL) when L = 4 and K = 2.

Answer Options

A. \( TR = 3\( 4 \ \)^2(2)^{1/2}(50) + 3(4)^2(2)^{1/2}(100) )
B. \( TR = 3\( 4 \ \)^2(2)^{1/2}(50) - 3(4)^2(2)^{1/2}(100) )
Correct Answer C. \( MRPL = \frac{dTR}{dL} = 6\( 4 \ \)^2(2)^{1/2}(50) + 6(4)^2(2)^{1/2}(100) )
D. \( MRPL = \frac{dTR}{dL} = 6\( 4 \ \)^2(2)^{1/2}(50) - 6(4)^2(2)^{1/2}(100) )
Correct Answer
C
Correct Option:
\( MRPL = \frac{dTR}{dL} = 6\( 4 \ \)^2(2)^{1/2}(50) + 6(4)^2(2)^{1/2}(100) )

About This Question

This is Post Utme Ims U 2022 Economics Question 2. It is one of the objective questions from the 2022 Post Utme Ims U Economics examination.

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