Post Utme Noun 2018 Economics Question 21
Practice objective / multiple choice question 21 from the 2018 Post Utme Noun Economics examination.
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, calculate the optimal input combination (L, K) that maximizes profits, assuming a market price of 30.
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About This Question
This is Post Utme Noun 2018 Economics Question 21. It is one of the objective questions from the 2018 Post Utme Noun Economics examination.
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