Post Utme Lautech 2018 Commerce Question 14
Practice objective / multiple choice question 14 from the 2018 Post Utme Lautech Commerce examination.
A firm's cost function is given by C = 2L + 3K, where C is the cost, 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 minimum cost?
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About This Question
This is Post Utme Lautech 2018 Commerce Question 14. It is one of the objective questions from the 2018 Post Utme Lautech Commerce examination.
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