Post Utme Rhema University 2022 Commerce Question 3
Practice objective / multiple choice question 3 from the 2022 Post Utme Rhema University Commerce examination.
A firm's cost function is given by C(L,K) = 2L + 3K, where C is cost, L is labor, and K is capital. If the firm wants to minimize cost while producing 100 units of output, and the wage rate is ₦10 per unit of labor and the rental rate is ₦5 per unit of capital, what is the optimal combination of labor and capital?
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This is Post Utme Rhema University 2022 Commerce Question 3. It is one of the objective questions from the 2022 Post Utme Rhema University Commerce examination.
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