Post Utme Nile University 2018 Economics Question 11
Practice objective / multiple choice question 11 from the 2018 Post Utme Nile University Economics examination.
Consider a smallholder farmer in Nigeria who cultivates maize and soybeans. The farmer's production function for maize is given by Q = 100 + 2L + 3K, where Q is the quantity of maize produced, L is the labor input, and K is the capital input. The production function for soybeans is given by Q = 80 + 2L + 4K. If the farmer allocates 20 units of labor and 30 units of capital to maize production, and 15 units of labor and 25 units of capital to soybeans production, what is the opportunity \cost of producing one unit of maize?
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About This Question
This is Post Utme Nile University 2018 Economics Question 11. It is one of the objective questions from the 2018 Post Utme Nile University Economics examination.
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