Post Utme Summit University 2024 Economics Question 40
Practice objective / multiple choice question 40 from the 2024 Post Utme Summit University Economics examination.
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦150 per unit, and the firm's budget constraint is 200L + 300K = ₦100,000, find the optimal level of labor (L) and capital (K) that maximizes the firm's output.
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About This Question
This is Post Utme Summit University 2024 Economics Question 40. It is one of the objective questions from the 2024 Post Utme Summit University Economics examination.
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