Neco Model Questions Vol1 2025 Economics Question 27
Practice objective / multiple choice question 27 from the 2025 Neco Model Questions Vol1 Economics examination.
A firm produces output according to the Cobb‑Douglas production function \( Q = 10 L^{0.5} K^{0.5} \). The price of labour is \( w_{L}=20 \) per unit and the price of capital is \( w_{K}=40 \) per unit. To produce \( Q = 100 \) units, find the cost‑minimising quantities of labour \( L \) and capital \( K \) and state the minimum total cost.
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This is Neco Model Questions Vol1 2025 Economics Question 27. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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