Post Utme Lead City University 2022 Commerce Question 5
Practice objective / multiple choice question 5 from the 2022 Post Utme Lead City University Commerce examination.
A consumer has the following utility function: U = 2X^0.5Y^0.5. The consumer's budget constraint is given by 2X + 3Y = 100. If the consumer is initially at point (20, 20), what is the new point on the indifference curve that the consumer will move to if the price of good Y increases by 20%?
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About This Question
This is Post Utme Lead City University 2022 Commerce Question 5. It is one of the objective questions from the 2022 Post Utme Lead City University Commerce examination.
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