Post Utme Unilorin 2022 Economics Question 33
Practice objective / multiple choice question 33 from the 2022 Post Utme Unilorin Economics examination.
A firm's production function is given by \( Q = 100L^{0.5}K^{0.25} \), where Q is output, L is labor, and K is capital. 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 firm's optimal levels of L and K that maximize its output.
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About This Question
This is Post Utme Unilorin 2022 Economics Question 33. It is one of the objective questions from the 2022 Post Utme Unilorin Economics examination.
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