Post Utme Pan Atlantic University 2021 Economics Question 23

Practice objective / multiple choice question 23 from the 2021 Post Utme Pan Atlantic University Economics examination.

Post Utme Pan Atlantic University 2021 Economics Objective / Multiple Choice
Question 23 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2021 • ECONOMICS • objective

A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the \cost-minimizing combination of labor and capital?

Answer Options

Correct Answer A. L = 100, K = 50
B. L = 50, K = 100
C. L = 200, K = 50
D. L = 50, K = 200
Correct Answer
A
Correct Option:
L = 100, K = 50

About This Question

This is Post Utme Pan Atlantic University 2021 Economics Question 23. It is one of the objective questions from the 2021 Post Utme Pan Atlantic University Economics examination.

View More Post Utme Pan Atlantic University 2021 Economics Questions More Post Utme Pan Atlantic University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support