Post Utme Veritas University 2019 Economics Question 3

Practice objective / multiple choice question 3 from the 2019 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2019 Economics Objective / Multiple Choice

Question 3 POST_UTME_VERITAS_UNIVERSITY • 2019 • ECONOMICS • objective

A farmer produces wheat and maize. The production functions are given by ( W(x,y) = 2x + 3y ) and ( M(x,y) = x^2 + 2y ). If the farmer has 100 units of labour and 50 units of capital, find the optimal input mix to maximize wheat production.

Answer Options

Correct Answer A. x = 20, y = 30

B. x = 30, y = 20

C. x = 40, y = 10

D. x = 50, y = 0

Correct Answer

Correct Option:

x = 20, y = 30

About This Question

This is Post Utme Veritas University 2019 Economics Question 3. It is one of the objective questions from the 2019 Post Utme Veritas University Economics examination.

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