Post Utme Summit University 2023 Economics Question 39
Practice objective / multiple choice question 39 from the 2023 Post Utme Summit University Economics examination.
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's budget constraint is ₦10,000, and the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, what is the optimal combination of labor and capital that maximizes output?
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About This Question
This is Post Utme Summit University 2023 Economics Question 39. It is one of the objective questions from the 2023 Post Utme Summit University Economics examination.
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