Post Utme Pan Atlantic University 2019 Commerce Question 25
Practice objective / multiple choice question 25 from the 2019 Post Utme Pan Atlantic University Commerce examination.
A firm has a production function Q = 3L^0.7K^0.3, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm's budget constraint is given by 10L + 20K = 1000, and the price of the good is 10, what is the firm's optimal level of production?
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This is Post Utme Pan Atlantic University 2019 Commerce Question 25. It is one of the objective questions from the 2019 Post Utme Pan Atlantic University Commerce examination.
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