Post Utme Wellspring University 2024 Economics Question 15
Practice objective / multiple choice question 15 from the 2024 Post Utme Wellspring University Economics examination.
A firm is faced with the following production function: Q = 2L^0.5 * K^0.5. If the price of labor (w) is ₦100 and the price of capital (r) is ₦50, and the firm's budget constraint is wL + rK = ₦5000, what is the optimal level of labor (L) and capital (K) that the firm should employ?
Answer Options
About This Question
This is Post Utme Wellspring University 2024 Economics Question 15. It is one of the objective questions from the 2024 Post Utme Wellspring University Economics examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.