Post Utme Pan Atlantic University 2021 Economics Question 29
Practice objective / multiple choice question 29 from the 2021 Post Utme Pan Atlantic University Economics examination.
Consider a firm that produces a \single good u\sing two inputs, labor (L) and capital (K). The 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, and if the firm's budget constraint is given by 100L + 200K = ₦10,000, determine the optimal values of L and K that maximize profits.
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About This Question
This is Post Utme Pan Atlantic University 2021 Economics Question 29. It is one of the objective questions from the 2021 Post Utme Pan Atlantic University Economics examination.
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