Post Utme Ims U 2022 Economics Question 4

Practice objective / multiple choice question 4 from the 2022 Post Utme Ims U Economics examination.

Post Utme Ims U 2022 Economics Objective / Multiple Choice
Question 4 POST_UTME_IMS_U • 2022 • ECONOMICS • objective

A firm's \cost function is given by C = 2L + 3K. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, calculate the total \cost (TC) and the marginal \cost (MC) when L = 4 and K = 2.

Answer Options

Correct Answer A. \( TC = 2\( 4 \ \)(50) + 3(2)(100) = 400 + 600 = 1,000 )
B. \( TC = 2\( 4 \ \)(50) - 3(2)(100) = 400 - 600 = -200 )
C. \( MC = \frac{dC}{dL} = 2\( 50 \ \) + 3(0) = 100 )
D. \( MC = \frac{dC}{dL} = 2\( 0 \ \) + 3(100) = 300 )
Correct Answer
A
Correct Option:
\( TC = 2\( 4 \ \)(50) + 3(2)(100) = 400 + 600 = 1,000 )

About This Question

This is Post Utme Ims U 2022 Economics Question 4. It is one of the objective questions from the 2022 Post Utme Ims U Economics examination.

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