Post Utme Lead City University 2019 Commerce Question 6
Practice objective / multiple choice question 6 from the 2019 Post Utme Lead City University Commerce examination.
A firm specializes in producing and exporting a particular commodity. The production function is given by Q = 100L^0.4K^0.6, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 200 units of the commodity, and the wage rate is ₦100 per hour, while the rental rate is ₦50 per unit of capital, what is the minimum cost of production?
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About This Question
This is Post Utme Lead City University 2019 Commerce Question 6. It is one of the objective questions from the 2019 Post Utme Lead City University Commerce examination.
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