Post Utme Crawford University 2021 Economics Question 20

Practice objective / multiple choice question 20 from the 2021 Post Utme Crawford University Economics examination.

Post Utme Crawford University 2021 Economics Objective / Multiple Choice
Question 20 POST_UTME_CRAWFORD_UNIVERSITY • 2021 • ECONOMICS • objective

A consumer's budget constraint is given by 2x + 3y = 12, where x and y are the quantities of two goods consumed. If the prices of the two goods are p_x = 2 and p_y = 3, calculate the consumer's optimal consumption bundle \( x*, y* \) and the maximum utility U*.

Answer Options

Correct Answer A. x* = 3, y* = 2, U* = 12
B. x* = 2, y* = 3, U* = 12
C. x* = 3, y* = 4, U* = 15
D. x* = 4, y* = 3, U* = 15
Correct Answer
A
Correct Option:
x* = 3, y* = 2, U* = 12

About This Question

This is Post Utme Crawford University 2021 Economics Question 20. It is one of the objective questions from the 2021 Post Utme Crawford University Economics examination.

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