Post Utme Noun 2024 Commerce Question 30

Practice objective / multiple choice question 30 from the 2024 Post Utme Noun Commerce examination.

Post Utme Noun 2024 Commerce Objective / Multiple Choice
Question 30 POST_UTME_NOUN • 2024 • COMMERCE • objective

A firm's profit function is given by Φ = R - C, where Φ is the profit, R is the total revenue, and C is the total cost. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the new profit level?

Answer Options

Correct Answer A. \phi = 40 + 2.4L + 3.45K
B. \phi = 40 + 2.2L + 3.15K
C. \phi = 40 + 2.6L + 3.75K
D. \phi = 40 + 2.8L + 4.05K
Correct Answer
A
Correct Option:
\phi = 40 + 2.4L + 3.45K

About This Question

This is Post Utme Noun 2024 Commerce Question 30. It is one of the objective questions from the 2024 Post Utme Noun Commerce examination.

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