Post Utme Summit University 2019 Economics Question 25

Practice objective / multiple choice question 25 from the 2019 Post Utme Summit University Economics examination.

Post Utme Summit University 2019 Economics Objective / Multiple Choice

Question 25 POST_UTME_SUMMIT_UNIVERSITY • 2019 • ECONOMICS • objective

A firm's production function is given by Q = 2L + 3K. If the firm's \cost of labor is ₦5 per unit and the \cost of capital is ₦10 per unit, find the optimal quantities of labor and capital.

Answer Options

Correct Answer A. L = 10, K = 5

B. L = 5, K = 10

C. L = 15, K = 0

D. L = 0, K = 10

Correct Answer

Correct Option:

L = 10, K = 5

About This Question

This is Post Utme Summit University 2019 Economics Question 25. It is one of the objective questions from the 2019 Post Utme Summit University Economics examination.

View More Post Utme Summit University 2019 Economics Questions More Post Utme Summit University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support