Post Utme Igbinedion University 2023 Economics Question 8
Practice objective / multiple choice question 8 from the 2023 Post Utme Igbinedion University Economics examination.
A consumer's budget constraint is given by P1Q1 + P2Q2 = I, where P1 and P2 are prices, Q1 and Q2 are quantities, and I is income. If the consumer's income increases by 15% and the prices of both goods remain cons\tant, by what percentage does the consumer's budget increase?
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This is Post Utme Igbinedion University 2023 Economics Question 8. It is one of the objective questions from the 2023 Post Utme Igbinedion University Economics examination.
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