Post Utme Unilorin 2021 Economics Question 28
Practice objective / multiple choice question 28 from the 2021 Post Utme Unilorin Economics examination.
A firm faces a production function given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital and L is labor. If the firm's objective is to maximize profits, and the price of output is P = 10, the price of capital is w_K = 2, and the price of labor is w_L = 3, what is the optimal level of capital and labor?
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About This Question
This is Post Utme Unilorin 2021 Economics Question 28. It is one of the objective questions from the 2021 Post Utme Unilorin Economics examination.
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