Post Utme Nile University 2018 Economics Question 9

Practice objective / multiple choice question 9 from the 2018 Post Utme Nile University Economics examination.

Post Utme Nile University 2018 Economics Objective / Multiple Choice

Question 9 POST_UTME_NILE_UNIVERSITY • 2018 • ECONOMICS • objective

A consumer has a budget of ₦50,000 and a utility function given by U(x,y) = 2x + 3y. If the prices of x and y are ₦10 and ₦20 respectively, find the optimal combination of x and y that the consumer will choose.

Answer Options

A. x = 2, y = 2

Correct Answer B. x = 3, y = 2

C. x = 4, y = 2

D. x = 5, y = 2

Correct Answer

Correct Option:

x = 3, y = 2

About This Question

This is Post Utme Nile University 2018 Economics Question 9. It is one of the objective questions from the 2018 Post Utme Nile University Economics examination.

View More Post Utme Nile University 2018 Economics Questions More Post Utme Nile University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support