Post Utme Unilorin 2024 Economics Question 10
Practice objective / multiple choice question 10 from the 2024 Post Utme Unilorin Economics examination.
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the firm wants to produce 100 units of the good, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, find the optimal combination of labor and capital that minimizes the \cost of production.
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This is Post Utme Unilorin 2024 Economics Question 10. It is one of the objective questions from the 2024 Post Utme Unilorin Economics examination.
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