Post Utme Unilorin 2022 Economics Question 31
Practice objective / multiple choice question 31 from the 2022 Post Utme Unilorin Economics examination.
Consider a firm that produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production function for good X is given by \( X = 2L^{0.5}K^{0.25} \), while the production function for good Y is given by \( Y = 3L^{0.75}K^{0.125} \). If the firm's budget constraint is given by \( 2L + 3K = 100 \), and the prices of labor and capital are $10 and $20 respectively, find the optimal levels of L and K that maximize the firm's total output.
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About This Question
This is Post Utme Unilorin 2022 Economics Question 31. It is one of the objective questions from the 2022 Post Utme Unilorin Economics examination.
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