Post Utme Unilorin 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Unilorin Economics examination.

Post Utme Unilorin 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_UNILORIN • 2018 • ECONOMICS • objective

Consider a production function given by \( Q = 2L^2 + 3K^2 \), where ( L ) and ( K ) are inputs. If the price of labor is ( ₦100 ) per unit and the price of capital is ( ₦150 ) per unit, find the optimal input combination that minimizes the \cost of production.

Answer Options

A. \( L = 10, K = 5 \)
Correct Answer B. \( L = 5, K = 10 \)
C. \( L = 15, K = 3 \)
D. \( L = 20, K = 2 \)
Correct Answer
B
Correct Option:
\( L = 5, K = 10 \)

About This Question

This is Post Utme Unilorin 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Unilorin Economics examination.

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