Post Utme Unilorin 2020 Economics Question 3
Practice objective / multiple choice question 3 from the 2020 Post Utme Unilorin Economics examination.
Consider a firm that produces a \single good u\sing two inputs, labor (L) and capital (K). The production function is given by Q = 2L^0.4K^0.6. The prices of labor and capital are $10 per unit and $20 per unit, respectively. If the firm's objective is to maximize profits, what is the optimal mix of labor and capital?
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About This Question
This is Post Utme Unilorin 2020 Economics Question 3. It is one of the objective questions from the 2020 Post Utme Unilorin Economics examination.
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