Waec Model Questions Vol1 2021 Economics Question 29
Practice objective / multiple choice question 29 from the 2021 Waec Model Questions Vol1 Economics examination.
A firm uses the production function Q = L^{0.5}K^{0.5} (where L is labour and K is capital). The wage rate is ₦10 per unit of labour and the rental rate of capital is ₦40 per unit. The firm wants to produce Q = 100 units at minimum cost. Determine the cost‑minimising quantities of labour and capital and the minimum total cost.
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About This Question
This is Waec Model Questions Vol1 2021 Economics Question 29. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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