Post Utme Skyline University 2017 Commerce Question 7
Practice objective / multiple choice question 7 from the 2017 Post Utme Skyline University Commerce examination.
A company has a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the company wants to produce 100 units, and the cost of labor is ₦100 per hour, and the cost of capital is ₦200 per unit, what is the minimum cost of production?
Answer Options
About This Question
This is Post Utme Skyline University 2017 Commerce Question 7. It is one of the objective questions from the 2017 Post Utme Skyline University Commerce examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.