Post Utme Lautech 2022 Economics Question 24
Practice objective / multiple choice question 24 from the 2022 Post Utme Lautech Economics examination.
A firm's \cost function is given by C(L,K) = 2L + 3K, where C is the total \cost, L is the labor input, and K is the capital input. If the firm wants to minimize its \cost, 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 24. It is one of the objective questions from the 2022 Post Utme Lautech Economics examination.
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