Post Utme Futa 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Futa Economics examination.

Post Utme Futa 2022 Economics Objective / Multiple Choice

Question 21 POST_UTME_FUTA • 2022 • ECONOMICS • objective

A consumer has a budget of ₦15,000 and is faced with the following prices for two goods: Good X \costs ₦7,000 and Good Y \costs ₦4,000. If the consumer's utility function is U = 3x + 2y, where x and y are the quantities of Good X and Good Y respectively, what is the consumer's optimal consumption bundle?

Correct Answer A. x = 3, y = 1

B. x = 1, y = 3

C. x = 2, y = 2

D. x = 1, y = 1

Correct Answer

Correct Option:

x = 3, y = 1

This is Post Utme Futa 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Futa Economics examination.

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