Post Utme Summit University 2017 Commerce Question 22
Practice objective / multiple choice question 22 from the 2017 Post Utme Summit 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 labor input, and K is the capital input. If the company wants to produce 100 units of output, and the cost of labor is ₦100 per unit 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 Summit University 2017 Commerce Question 22. It is one of the objective questions from the 2017 Post Utme Summit 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.