Post Utme Summit University 2017 Commerce Question 24
Practice objective / multiple choice question 24 from the 2017 Post Utme Summit University Commerce examination.
A firm 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 firm 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?
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About This Question
This is Post Utme Summit University 2017 Commerce Question 24. It is one of the objective questions from the 2017 Post Utme Summit University Commerce examination.
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