Post Utme Lasu 2024 Economics Question 40
Practice objective / multiple choice question 40 from the 2024 Post Utme Lasu Economics examination.
Consider a simple economy with two sectors: agriculture and manufacturing. The production function for agriculture is given by q_A = 100L^0.5K^0.5, where L is labor and K is capital. The production function for manufacturing is given by q_M = 200L^0.7K^0.3. If the economy has 100 units of labor and 50 units of capital, find the value of the output mix \( q_A/q_M \) when the economy produces both goods.
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This is Post Utme Lasu 2024 Economics Question 40. It is one of the objective questions from the 2024 Post Utme Lasu Economics examination.
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