Post Utme Summit University 2017 Economics Question 7
Practice objective / multiple choice question 7 from the 2017 Post Utme Summit University Economics examination.
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to produce 100 units of output, and the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the minimum \cost of production?
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This is Post Utme Summit University 2017 Economics Question 7. It is one of the objective questions from the 2017 Post Utme Summit University Economics examination.
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