Post Utme Rhema University 2023 Economics Question 40
Practice objective / multiple choice question 40 from the 2023 Post Utme Rhema University Economics examination.
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and the current output price is p = ₦500, calculate the firm's optimal input mix (L, K) u\sing the Hotelling's Lemma. Assume that the firm's objective is to maximize profits.
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About This Question
This is Post Utme Rhema University 2023 Economics Question 40. It is one of the objective questions from the 2023 Post Utme Rhema University Economics examination.
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