Post Utme Mountain Top University 2023 Economics Question 27

Practice objective / multiple choice question 27 from the 2023 Post Utme Mountain Top University Economics examination.

Post Utme Mountain Top University 2023 Economics Objective / Multiple Choice
Question 27 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • ECONOMICS • objective

A firm is producing a good u\sing a production function with the following characteristics: Q = 2L^0.5 * K^0.5, where Q is the output, L is the labor input, and K is the capital input. If the firm is currently producing 100 units of output with 10 units of labor and 20 units of capital, what is the marginal product of labor?

Answer Options

A. The marginal product of labor is 0.5 units of output per unit of labor.
Correct Answer B. The marginal product of labor is 1 unit of output per unit of labor.
C. The marginal product of labor is 2 units of output per unit of labor.
D. The marginal product of labor is 5 units of output per unit of labor.
Correct Answer
B
Correct Option:
The marginal product of labor is 1 unit of output per unit of labor.

About This Question

This is Post Utme Mountain Top University 2023 Economics Question 27. It is one of the objective questions from the 2023 Post Utme Mountain Top University Economics examination.

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