Post Utme Redeemers University 2024 Commerce Question 18
Practice objective / multiple choice question 18 from the 2024 Post Utme Redeemers University Commerce examination.
A firm is considering two different production technologies: one that uses labor and capital as inputs, and another that uses only labor as an input. The production function for the first technology is given by the equation ( Q = 100L^0.5K^0.25 ), while the production function for the second technology is given by the equation ( Q = 50L^0.5 ). If the firm wants to produce 100 units of the commodity, and the wage rate is ₦100 per hour, while the rental rate for capital is ₦50 per hour, which technology should the firm choose?
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This is Post Utme Redeemers University 2024 Commerce Question 18. It is one of the objective questions from the 2024 Post Utme Redeemers University Commerce examination.
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