Post Utme Oau 2017 Economics Question 19
Practice objective / multiple choice question 19 from the 2017 Post Utme Oau Economics examination.
A firm's production function is given by Q = 3L^\( 1/3 \)K^\( 2/3 \). If the firm's current input prices are w_L = 15 and w_K = 30, and it currently uses 8 units of labor and 16 units of capital, calculate the firm's current total \cost. Assume that the firm's production function exhibits increa\sing returns to scale.
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About This Question
This is Post Utme Oau 2017 Economics Question 19. It is one of the objective questions from the 2017 Post Utme Oau Economics examination.
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