Post Utme Unilorin 2024 Economics Question 7
Practice objective / multiple choice question 7 from the 2024 Post Utme Unilorin Economics examination.
A firm produces two goods, X and Y, u\sing two inputs, labor and capital. The production function for good X is given by QX = 2L^0.5K^0.5, where QX is the quantity of good X 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 good X, 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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About This Question
This is Post Utme Unilorin 2024 Economics Question 7. It is one of the objective questions from the 2024 Post Utme Unilorin Economics examination.
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