Post Utme Ksu 2023 Economics Question 28

Practice objective / multiple choice question 28 from the 2023 Post Utme Ksu Economics examination.

Post Utme Ksu 2023 Economics Objective / Multiple Choice
Question 28 POST_UTME_KSU • 2023 • ECONOMICS • objective

Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the firm's current output price is p = 50, calculate the firm's total revenue and marginal revenue.

Answer Options

Correct Answer A. \( TR = 50Q, MR = 50 \)
B. \( TR = 50Q, MR = 25 \)
C. \( TR = 25Q, MR = 50 \)
D. \( TR = 25Q, MR = 25 \)
Correct Answer
A
Correct Option:
\( TR = 50Q, MR = 50 \)

About This Question

This is Post Utme Ksu 2023 Economics Question 28. It is one of the objective questions from the 2023 Post Utme Ksu Economics examination.

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