Post Utme Veritas University 2018 Economics Question 20
Practice objective / multiple choice question 20 from the 2018 Post Utme Veritas University Economics examination.
A firm's production function is given by Q = 2L + 3K, where Q is the output, L is the labor and K is the capital. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, find the optimal combination of labor and capital that maximizes the profit, given that the output is 100 units and the price of the product is ₦200 per unit.
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About This Question
This is Post Utme Veritas University 2018 Economics Question 20. It is one of the objective questions from the 2018 Post Utme Veritas University Economics examination.
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