Post Utme Lasu 2017 Economics Question 12

Practice objective / multiple choice question 12 from the 2017 Post Utme Lasu Economics examination.

Post Utme Lasu 2017 Economics Objective / Multiple Choice

Question 12 POST_UTME_LASU • 2017 • ECONOMICS • objective

A consumer has the following utility function: U = 2x + 3y. If the prices of x and y are ₦10 and ₦20 respectively, and the consumer has a budget of ₦100, find the optimal quantities of x and y that will maximize the consumer's utility.

Correct Answer A. x = 5, y = 2

B. x = 2, y = 5

C. x = 10, y = 5

D. x = 5, y = 10

Correct Answer

Correct Option:

x = 5, y = 2

This is Post Utme Lasu 2017 Economics Question 12. It is one of the objective questions from the 2017 Post Utme Lasu 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