Post Utme Uniport 2017 Economics Question 22

Practice objective / multiple choice question 22 from the 2017 Post Utme Uniport Economics examination.

Post Utme Uniport 2017 Economics Objective / Multiple Choice
Question 22 POST_UTME_UNIPORT • 2017 • ECONOMICS • objective

A firm produces two goods, x and y, u\sing two inputs, labor and capital. The production functions are given by x = 2L + 3K and y = L + 2K. If the prices of x and y are ₦5 and ₦3 respectively, and the wage rate and rental rate are ₦10 and ₦20 respectively, find the optimal input mix u\sing the Cobb-Douglas production function.

Answer Options

Correct Answer A. L = 10, K = 5
B. L = 5, K = 10
C. L = 15, K = 3
D. L = 20, K = 2
Correct Answer
A
Correct Option:
L = 10, K = 5

About This Question

This is Post Utme Uniport 2017 Economics Question 22. It is one of the objective questions from the 2017 Post Utme Uniport Economics examination.

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