Post Utme Unilorin 2020 Economics Question 7

Practice objective / multiple choice question 7 from the 2020 Post Utme Unilorin Economics examination.

Post Utme Unilorin 2020 Economics Objective / Multiple Choice

Question 7 POST_UTME_UNILORIN • 2020 • ECONOMICS • objective

A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the \cost-minimizing combination of labor and capital?

Answer Options

A. L = 4, K = 2

Correct Answer B. L = 2, K = 4

C. L = 1, K = 8

D. L = 8, K = 1

Correct Answer

Correct Option:

L = 2, K = 4

About This Question

This is Post Utme Unilorin 2020 Economics Question 7. It is one of the objective questions from the 2020 Post Utme Unilorin Economics examination.

View More Post Utme Unilorin 2020 Economics Questions More Post Utme Unilorin Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support