Waec Model Questions Vol1 2022 Economics Question 43
Practice objective / multiple choice question 43 from the 2022 Waec Model Questions Vol1 Economics examination.
A firm produces output Q according to the production function Q = 20 L^{0.5} K^{0.5}, where L is labour units and K is capital units. The wage rate is ₦150 per unit of labour and the rental rate of capital is ₦200 per unit. The firm wishes to produce 800 units at minimum cost. Determine the cost‑minimising quantities of L and K and the minimum total cost. Present the cost in naira.
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About This Question
This is Waec Model Questions Vol1 2022 Economics Question 43. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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