Post Utme Uniben 2023 Commerce Question 36
Practice objective / multiple choice question 36 from the 2023 Post Utme Uniben Commerce examination.
In a production process, a firm uses a combination of labor and capital to produce a certain quantity of output. The production function is given by Q = 2L^0.5K^0.5, where Q is the quantity of output, L is the amount of labor, and K is the amount of capital. If the firm wants to produce 100 units of output, and the cost of labor is ₦50 per unit and the cost of capital is ₦100 per unit, what is the minimum cost of production?
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About This Question
This is Post Utme Uniben 2023 Commerce Question 36. It is one of the objective questions from the 2023 Post Utme Uniben Commerce examination.
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