Post Utme Summit University 2023 Economics Question 36
Practice objective / multiple choice question 36 from the 2023 Post Utme Summit University Economics examination.
Consider a production function with cons\tant returns to scale, given by Q = 2K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the price of capital is ₦100 per unit and the price of labor is ₦50 per unit, and if the firm's budget constraint is ₦10,000, what is the optimal combination of capital and labor that maximizes output?
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About This Question
This is Post Utme Summit University 2023 Economics Question 36. It is one of the objective questions from the 2023 Post Utme Summit University Economics examination.
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