Post Utme Lead City University 2017 Economics Question 3

Practice objective / multiple choice question 3 from the 2017 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2017 Economics Objective / Multiple Choice

Question 3 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

A consumer has a utility function U = 2x + 3y. If the prices of x and y are $5 and $10 respectively, and the consumer has a budget of $50, what is the optimal bundle of x and y?

Answer Options

A. x = 5, y = 2

Correct Answer B. x = 10, y = 1

C. x = 15, y = 0

D. x = 0, y = 5

Correct Answer

Correct Option:

x = 10, y = 1

About This Question

This is Post Utme Lead City University 2017 Economics Question 3. It is one of the objective questions from the 2017 Post Utme Lead City University Economics examination.

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