Post Utme Pan Atlantic University 2022 Economics Question 1
Practice objective / multiple choice question 1 from the 2022 Post Utme Pan Atlantic University Economics examination.
Consider a production function \( Q = f\( L, K \ \) ) where ( Q ) is the output, ( L ) is labor, and ( K ) is capital. If the marginal product of labor is \( MPL = \frac{partial Q}{partial L} = 10L \) and the marginal product of capital is \( MPK = \frac{partial Q}{partial K} = 20K \), what is the returns to scale of the production function?
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About This Question
This is Post Utme Pan Atlantic University 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Economics examination.
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