Post Utme Lead City University 2023 Economics Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2023 Economics Objective / Multiple Choice
Question 14 POST_UTME_LEAD_CITY_UNIVERSITY • 2023 • ECONOMICS • objective

A firm has a production function given by \( Q = 2L^{0.5}K^{0.5} \) and a \cost function given by ( C(L,K) = 10L + 20K ). Find the profit-maximizing values of L and K.

Answer Options

A. \( L = 10, K = 20 \ \)
B. \( L = 20, K = 10 \ \)
Correct Answer C. \( L = 30, K = 30 \ \)
D. \( L = 40, K = 40 \ \)
Correct Answer
C
Correct Option:
\( L = 30, K = 30 \ \)

About This Question

This is Post Utme Lead City University 2023 Economics Question 14. It is one of the objective questions from the 2023 Post Utme Lead City University Economics examination.

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