Post Utme Lautech 2022 Geography Question 17
Practice objective / multiple choice question 17 from the 2022 Post Utme Lautech Geography examination.
A firm has a production function given by Q = 100L^0.4K^0.3. If the price of labor is ₦50 per unit and the price of capital is ₦20 per unit, and the firm's budget constraint is given by 50L + 20K = ₦1000, what is the firm's optimal level of output?
Answer Options
About This Question
This is Post Utme Lautech 2022 Geography Question 17. It is one of the objective questions from the 2022 Post Utme Lautech Geography examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.