Post Utme Lead City University 2020 Economics Question 8

Practice objective / multiple choice question 8 from the 2020 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2020 Economics Objective / Multiple Choice
Question 8 POST_UTME_LEAD_CITY_UNIVERSITY • 2020 • ECONOMICS • objective

A consumer has a budget of ₦1000 and faces the following prices: Q1 = ₦200, Q2 = ₦300, Q3 = ₦400. If the consumer's utility function is given by U = 2x1 + 3x2 + 4x3, find the optimal bundle of goods that maximizes utility.

Answer Options

Correct Answer A. x1 = 2, x2 = 1, x3 = 1
B. x1 = 1, x2 = 2, x3 = 1
C. x1 = 1, x2 = 1, x3 = 2
D. x1 = 2, x2 = 2, x3 = 0
Correct Answer
A
Correct Option:
x1 = 2, x2 = 1, x3 = 1

About This Question

This is Post Utme Lead City University 2020 Economics Question 8. It is one of the objective questions from the 2020 Post Utme Lead City University Economics examination.

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