Post Utme Veritas University 2020 Economics Question 4
Practice objective / multiple choice question 4 from the 2020 Post Utme Veritas University Economics examination.
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to produce 100 units of output, and the wage rate is $10 per hour and the rental rate is $20 per unit of capital, what is the optimal combination of labor and capital?
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About This Question
This is Post Utme Veritas University 2020 Economics Question 4. It is one of the objective questions from the 2020 Post Utme Veritas University Economics examination.
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