Post Utme Ui 2019 Economics Question 3
Practice objective / multiple choice question 3 from the 2019 Post Utme Ui Economics examination.
A firm is considering two different production techno\logies: a traditional techno\logy with a production function Q = 2L^0.5K^0.5 and a modern techno\logy with a production function Q = 3L^0.7K^0.3. If the firm's current input prices are w = ₦100 and r = ₦200, and it is currently producing 100 units of output, which techno\logy should the firm adopt to maximize its economic profit?
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About This Question
This is Post Utme Ui 2019 Economics Question 3. It is one of the objective questions from the 2019 Post Utme Ui Economics examination.
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