Post Utme Lautech 2018 Commerce Question 12
Practice objective / multiple choice question 12 from the 2018 Post Utme Lautech Commerce examination.
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor and K is the capital. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦50 per hour, what is the optimal combination of labor and capital?
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This is Post Utme Lautech 2018 Commerce Question 12. It is one of the objective questions from the 2018 Post Utme Lautech Commerce examination.
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