Post Utme Unilag 2023 Economics Question 40
Practice objective / multiple choice question 40 from the 2023 Post Utme Unilag Economics examination.
A firm is faced with a budget constraint of ₦100,000 and a production function Q = 2K^0.5L^0.5, where Q is the quantity produced, K is the capital stock, and L is the labor input. If the price of labor is ₦50 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 40. It is one of the objective questions from the 2023 Post Utme Unilag Economics examination.
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