Post Utme Uniport 2024 Economics Question 23

Practice objective / multiple choice question 23 from the 2024 Post Utme Uniport Economics examination.

Post Utme Uniport 2024 Economics Objective / Multiple Choice
Question 23 POST_UTME_UNIPORT • 2024 • ECONOMICS • objective

A firm has a production function Q = 2L^2 + 5K, where L is labor and K is capital. The firm's \cost function is C(L, K) = 2L + 3K. Find the firm's \cost-minimizing input bundle of L and K.

Answer Options

Correct Answer A. L = 2, K = 1
B. L = 1, K = 2
C. L = 3, K = 0
D. L = 0, K = 3
Correct Answer
A
Correct Option:
L = 2, K = 1

About This Question

This is Post Utme Uniport 2024 Economics Question 23. It is one of the objective questions from the 2024 Post Utme Uniport Economics examination.

View More Post Utme Uniport 2024 Economics Questions More Post Utme Uniport Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support