Post Utme Mountain Top University 2023 Commerce Question 30

Practice objective / multiple choice question 30 from the 2023 Post Utme Mountain Top University Commerce examination.

Post Utme Mountain Top University 2023 Commerce Objective / Multiple Choice

Question 30 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • COMMERCE • objective

A consumer's budget constraint is given by P1Q1 + P2Q2 = I. If the consumer wants to maximize utility, what is the optimal combination of Q1 and Q2?

Answer Options

A. Q1 = 0, Q2 = I/P2

B. Q1 = I/P1, Q2 = 0

Correct Answer C. Q1 = I/(P1+P2), Q2 = I/(P1+P2)

D. Q1 = I/P1, Q2 = I/P2

Correct Answer

Correct Option:

Q1 = I/(P1+P2), Q2 = I/(P1+P2)

About This Question

This is Post Utme Mountain Top University 2023 Commerce Question 30. It is one of the objective questions from the 2023 Post Utme Mountain Top University Commerce examination.

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