Post Utme Al Hikmah University 2022 Economics Question 37

Practice objective / multiple choice question 37 from the 2022 Post Utme Al Hikmah University Economics examination.

Post Utme Al Hikmah University 2022 Economics Objective / Multiple Choice
Question 37 POST_UTME_AL-HIKMAH_UNIVERSITY • 2022 • ECONOMICS • objective

A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's budget constraint is 10x + 20y = 100, and the price of good x is ₦10, what is the consumer's optimal bundle?

Answer Options

Correct Answer A. x = 5, y = 2
B. x = 2, y = 5
C. x = 10, y = 0
D. x = 0, y = 10
Correct Answer
A
Correct Option:
x = 5, y = 2

About This Question

This is Post Utme Al Hikmah University 2022 Economics Question 37. It is one of the objective questions from the 2022 Post Utme Al Hikmah University Economics examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support