Post Utme Uniport 2024 Economics Question 11
Practice objective / multiple choice question 11 from the 2024 Post Utme Uniport Economics examination.
Consider a production function given by \( Q = 100K^{\frac{1}{3}}L^{\frac{2}{3}} \), where Q is output, K is capital, and L is labor. If the marginal product of labor is 20, and the price of labor is ₦200 per unit, what is the optimal level of labor to maximize profits?
Answer Options
About This Question
This is Post Utme Uniport 2024 Economics Question 11. It is one of the objective questions from the 2024 Post Utme Uniport Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.