Post Utme Ui 2021 Economics Question 39
Practice objective / multiple choice question 39 from the 2021 Post Utme Ui Economics examination.
A firm has a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the price of labor is $10 per hour and the price of capital is $20 per hour, and the firm's budget constraint is 10L + 20K = 100, what is the optimal quantity of labor to use?
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About This Question
This is Post Utme Ui 2021 Economics Question 39. It is one of the objective questions from the 2021 Post Utme Ui Economics examination.
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