Post Utme Lead City University 2022 Economics Question 11
Practice objective / multiple choice question 11 from the 2022 Post Utme Lead City University Economics examination.
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm's budget constraint is given by 100L + 200K = ₦100,000, what is the firm's optimal level of labor?
Answer Options
About This Question
This is Post Utme Lead City University 2022 Economics Question 11. It is one of the objective questions from the 2022 Post Utme Lead City University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.