Post Utme Unilag 2023 Economics Question 38
Practice objective / multiple choice question 38 from the 2023 Post Utme Unilag Economics examination.
A firm is faced with a production function Q = 100K^0.5L^0.5, where Q is the quantity produced, K is the capital stock, and L is the labor input. If the firm wants to produce 100 units of output, and the price of labor is ₦100 per unit, while the price of capital is ₦200 per unit, what is the optimal combination of capital and labor that the firm should use?
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About This Question
This is Post Utme Unilag 2023 Economics Question 38. It is one of the objective questions from the 2023 Post Utme Unilag Economics examination.
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