Post Utme Covenant University 2018 Economics Question 13

Practice objective / multiple choice question 13 from the 2018 Post Utme Covenant University Economics examination.

Post Utme Covenant University 2018 Economics Objective / Multiple Choice

Question 13 POST_UTME_COVENANT_UNIVERSITY • 2018 • ECONOMICS • objective

A consumer has the following utility function: U = 2x + 3y. If the prices of x and y are ₦50 and ₦75 respectively, and the consumer has a budget of ₦300, what is the optimal combination of x and y?

Answer Options

A. x = 2, y = 2

Correct Answer B. x = 3, y = 1

C. x = 4, y = 0

D. x = 0, y = 4

Correct Answer

Correct Option:

x = 3, y = 1

About This Question

This is Post Utme Covenant University 2018 Economics Question 13. It is one of the objective questions from the 2018 Post Utme Covenant University Economics examination.

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