Post Utme Noun 2017 Economics Question 14

Practice objective / multiple choice question 14 from the 2017 Post Utme Noun Economics examination.

Post Utme Noun 2017 Economics Objective / Multiple Choice

Question 14 POST_UTME_NOUN • 2017 • ECONOMICS • objective

A firm is producing a good with a production function given by Q = 2L^0.5K^0.5. If the price of labor is ₦10 per unit and the price of capital is ₦20 per unit, what is the \cost-minimizing combination of labor and capital?

A. L = 10, K = 20

Correct Answer B. L = 20, K = 10

C. L = 30, K = 15

D. L = 15, K = 30

Correct Answer

Correct Option:

L = 20, K = 10

This is Post Utme Noun 2017 Economics Question 14. It is one of the objective questions from the 2017 Post Utme Noun Economics examination.

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