Post Utme Lautech 2022 Economics Question 22
Practice objective / multiple choice question 22 from the 2022 Post Utme Lautech Economics examination.
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is $10 per hour, and the rental rate of capital is $20 per hour, what is the optimal combination of labor and capital?
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About This Question
This is Post Utme Lautech 2022 Economics Question 22. It is one of the objective questions from the 2022 Post Utme Lautech Economics examination.
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