Post Utme Summit University 2021 Economics Question 18
Practice objective / multiple choice question 18 from the 2021 Post Utme Summit University Economics examination.
Consider a firm that produces a \single good, X, with a production function of X = 2L + 3K. The firm's objective is to minimize \costs, which are given by C = 10L + 20K. Assuming that the firm has a budget constraint of 1000, which is given by 2L + 3K = 1000, find the optimal values of L and K that minimize \costs.
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This is Post Utme Summit University 2021 Economics Question 18. It is one of the objective questions from the 2021 Post Utme Summit University Economics examination.
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