Neco Model Questions Vol1 2022 Economics Question 34
Practice objective / multiple choice question 34 from the 2022 Neco Model Questions Vol1 Economics examination.
A firm produces output according to the Cobb‑Douglas function \(Q = 20L^{0.5}K^{0.5}\), where \(L\) and \(K\) are units of labour and capital respectively. The wage rate is ₦150 per unit of labour and the rental rate of capital is ₦300 per unit. To produce \(Q = 500\) units, find the cost‑minimising quantities of \(L\) and \(K\) and the minimum total cost (rounded to the nearest naira).
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About This Question
This is Neco Model Questions Vol1 2022 Economics Question 34. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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