Post Utme Noun 2024 Commerce Question 28

Practice objective / multiple choice question 28 from the 2024 Post Utme Noun Commerce examination.

Post Utme Noun 2024 Commerce Objective / Multiple Choice
Question 28 POST_UTME_NOUN • 2024 • COMMERCE • objective

A firm's cost function is given by C = 100 + 2L + 3K, where C is the total cost, L is labor, and K is capital. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the new total cost?

Answer Options

Correct Answer A. C = 120 + 2.4L + 3.45K
B. C = 120 + 2.2L + 3.15K
C. C = 120 + 2.6L + 3.75K
D. C = 120 + 2.8L + 4.05K
Correct Answer
A
Correct Option:
C = 120 + 2.4L + 3.45K

About This Question

This is Post Utme Noun 2024 Commerce Question 28. It is one of the objective questions from the 2024 Post Utme Noun Commerce examination.

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