Neco Model Questions Vol1 2019 Economics Question 5
Practice objective / multiple choice question 5 from the 2019 Neco Model Questions Vol1 Economics examination.
A firm produces output according to the Cobb‑Douglas production function \( Q = L^{0.5} K^{0.5} \). The price of labour is \( w = 4 \) per unit and the price of capital is \( r = 1 \) per unit. To produce \( Q = 100 \) units at minimum cost, determine the total cost of production.
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About This Question
This is Neco Model Questions Vol1 2019 Economics Question 5. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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