Waec Model Questions Vol1 2023 Economics Question 28
Practice objective / multiple choice question 28 from the 2023 Waec Model Questions Vol1 Economics examination.
A firm produces output Q using labor L and capital K according to the Cobb‑Douglas function Q = L^{0.6} K^{0.4}. The wage rate is ₦200 per unit of labor and the rental rate of capital is ₦500 per unit. The firm wishes to produce 1,000 units of output at minimum cost. Determine the cost‑minimising quantities of labor and capital (rounded to the nearest whole unit) and the corresponding minimum total cost (in Naira, rounded to the nearest Naira).
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About This Question
This is Waec Model Questions Vol1 2023 Economics Question 28. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.
Difficulty level: Hard .
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