Post Utme Crawford University 2018 Economics Question 11

Practice objective / multiple choice question 11 from the 2018 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2018 Economics Objective / Multiple Choice
Question 11 POST_UTME_CRAWFORD_UNIVERSITY • 2018 • ECONOMICS • objective

If a consumer's income increases from ₦100,000 to ₦120,000 and the price of a good increases from ₦50 to ₦60, what is the new budget constraint equation in terms of x (quantity of the good) and y (quantity of the composite good)?

Answer Options

A. \( 120,000 - 60x - 20y = 0 \)
B. \( 100,000 - 50x - 20y = 0 \)
Correct Answer C. \( 120,000 - 50x - 20y = 0 \)
D. \( 100,000 - 60x - 20y = 0 \)
Correct Answer
C
Correct Option:
\( 120,000 - 50x - 20y = 0 \)

About This Question

This is Post Utme Crawford University 2018 Economics Question 11. It is one of the objective questions from the 2018 Post Utme Crawford University Economics examination.

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