Post Utme Lead City University 2023 Economics Question 11

Practice objective / multiple choice question 11 from the 2023 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2023 Economics Objective / Multiple Choice
Question 11 POST_UTME_LEAD_CITY_UNIVERSITY • 2023 • ECONOMICS • objective

A consumer's utility function is given by ( U(x,y) = 10x + 5y - x^2 - y^2 ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the optimal bundle of x and y u\sing Lagrange multipliers.

Answer Options

Correct Answer A. \( x = 10, y = 10 \ \)
B. \( x = 15, y = 5 \ \)
C. \( x = 20, y = 0 \ \)
D. \( x = 0, y = 20 \ \)
Correct Answer
A
Correct Option:
\( x = 10, y = 10 \ \)

About This Question

This is Post Utme Lead City University 2023 Economics Question 11. It is one of the objective questions from the 2023 Post Utme Lead City University Economics examination.

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