Post Utme Al Hikmah University 2017 Commerce Question 3

Practice objective / multiple choice question 3 from the 2017 Post Utme Al Hikmah University Commerce examination.

Post Utme Al Hikmah University 2017 Commerce Objective / Multiple Choice

Question 3 POST_UTME_AL-HIKMAH_UNIVERSITY • 2017 • COMMERCE • objective

A consumer has a utility function U(x, y) = 2x + 3y. If the prices of x and y are ₦50 and ₦75 respectively, and the consumer has a budget of ₦1500, what is the optimal bundle of x and y that maximizes utility?

Answer Options

A. x = 20, y = 10

B. x = 10, y = 20

Correct Answer C. x = 15, y = 15

D. x = 25, y = 5

Correct Answer

Correct Option:

x = 15, y = 15

About This Question

This is Post Utme Al Hikmah University 2017 Commerce Question 3. It is one of the objective questions from the 2017 Post Utme Al Hikmah University Commerce examination.

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