Post Utme Unilag 2022 Economics Question 17
Practice objective / multiple choice question 17 from the 2022 Post Utme Unilag Economics examination.
A firm's production function is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the price of capital is 10 and the price of labor is 5, and if the firm's budget constraint is 100K + 50L = 1000, determine the optimal values of K and L.
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About This Question
This is Post Utme Unilag 2022 Economics Question 17. It is one of the objective questions from the 2022 Post Utme Unilag Economics examination.
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