Waec Model Questions Vol1 2021 Economics Question 33
Practice objective / multiple choice question 33 from the 2021 Waec Model Questions Vol1 Economics examination.
A factory produces widgets according to the production function \(Q = 20 L^{0.5} K^{0.5}\), where \(L\) is the number of workers and \(K\) the number of machines employed. The daily wage rate is ₦500 per worker and the rental rate of a machine is ₦200 per day. Fixed overhead costs amount to ₦10,000 per day. If the firm wishes to produce 8,000 widgets each day, determine the cost‑minimising numbers of workers and machines (round to the nearest whole unit) and compute the total daily cost (including fixed costs).
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About This Question
This is Waec Model Questions Vol1 2021 Economics Question 33. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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