Post Utme Lead City University 2021 Economics Question 15

Practice objective / multiple choice question 15 from the 2021 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2021 Economics Objective / Multiple Choice
Question 15 POST_UTME_LEAD_CITY_UNIVERSITY • 2021 • ECONOMICS • objective

A firm produces a good with a production function given by \( Q = 2L^2 + 3K \). If the price of labor is $10 per hour and the price of capital is $20 per hour, find the profit-maximizing level of labor and capital.

Answer Options

Correct Answer A. L = 5, K = 2
B. L = 3, K = 4
C. L = 4, K = 3
D. L = 2, K = 5
Correct Answer
A
Correct Option:
L = 5, K = 2

About This Question

This is Post Utme Lead City University 2021 Economics Question 15. It is one of the objective questions from the 2021 Post Utme Lead City University Economics examination.

View More Post Utme Lead City University 2021 Economics Questions More Post Utme Lead City University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support