Post Utme Unilorin 2017 Economics Question 33

Practice objective / multiple choice question 33 from the 2017 Post Utme Unilorin Economics examination.

Post Utme Unilorin 2017 Economics Objective / Multiple Choice
Question 33 POST_UTME_UNILORIN • 2017 • ECONOMICS • objective

A firm's production function is given by Q = 3L^0.7K^0.3. If the price of the firm's product is P = 15, and the wage rate is W = 6, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.

Answer Options

Correct Answer A. \( L = 9, K = 9 \)
B. \( L = 6, K = 6 \)
C. \( L = 12, K = 12 \)
D. \( L = 3, K = 3 \)
Correct Answer
A
Correct Option:
\( L = 9, K = 9 \)

About This Question

This is Post Utme Unilorin 2017 Economics Question 33. It is one of the objective questions from the 2017 Post Utme Unilorin Economics examination.

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