Post Utme Redeemers University 2024 Economics Question 39
Practice objective / multiple choice question 39 from the 2024 Post Utme Redeemers University Economics examination.
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5H^0.5. If the firm's current input prices are w_L = ₦100 and w_H = ₦120, and the firm's current output price is p = ₦200, calculate the firm's optimal input mix (L, H) u\sing the Hotelling's Lemma. Assume that the firm's current input quantities are L = 50 and H = 50.
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This is Post Utme Redeemers University 2024 Economics Question 39. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.
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