Post Utme Summit University 2018 Economics Question 7
Practice objective / multiple choice question 7 from the 2018 Post Utme Summit University Economics examination.
A firm produces two goods, A and B, u\sing two inputs, labour and capital. The production function for good A is given by Q_A = 2L^0.5K^0.5, where Q_A is the quantity of good A produced, L is the amount of labour used, and K is the amount of capital used. The production function for good B is given by Q_B = 3L^0.8K^0.2. If the firm uses 100 units of labour and 200 units of capital, what is the opportunity \cost of producing one more unit of good A?
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About This Question
This is Post Utme Summit University 2018 Economics Question 7. It is one of the objective questions from the 2018 Post Utme Summit University Economics examination.
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