Post Utme Elizade University 2018 Commerce Question 30

Practice objective / multiple choice question 30 from the 2018 Post Utme Elizade University Commerce examination.

Post Utme Elizade University 2018 Commerce Objective / Multiple Choice

Question 30 POST_UTME_ELIZADE_UNIVERSITY • 2018 • COMMERCE • objective

A consumer has a utility function of U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are ₦50 and ₦100 respectively, and the consumer's income is ₦1000, what is the optimal bundle of goods that maximizes the consumer's utility?

Answer Options

Correct Answer A. x = 10, y = 5

B. x = 5, y = 10

C. x = 15, y = 3

D. x = 20, y = 2

Correct Answer

Correct Option:

x = 10, y = 5

About This Question

This is Post Utme Elizade University 2018 Commerce Question 30. It is one of the objective questions from the 2018 Post Utme Elizade University Commerce examination.

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