Post Utme Redeemers University 2024 Economics Question 2
Practice objective / multiple choice question 2 from the 2024 Post Utme Redeemers University Economics examination.
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour and the rental rate of capital is ₦50 per hour, what is the optimal combination of labor and capital?
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This is Post Utme Redeemers University 2024 Economics Question 2. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.
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