Neco Model Questions Vol1 2017 Economics Question 42
Practice objective / multiple choice question 42 from the 2017 Neco Model Questions Vol1 Economics examination.
A firm produces output according to the Cobb‑Douglas function \(Q = 20L^{0.5}K^{0.5}\), where \(L\) is labour units and \(K\) is capital units. Labour costs ₦500 per unit and capital costs ₦200 per unit. To produce 200 units at minimum cost, find the cost‑minimising quantities of \(L\) and \(K\) and the minimum total cost (in naira).
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 42. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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