Post Utme Noun 2024 Economics Question 16

Practice objective / multiple choice question 16 from the 2024 Post Utme Noun Economics examination.

Post Utme Noun 2024 Economics Objective / Multiple Choice

Question 16 POST_UTME_NOUN • 2024 • ECONOMICS • objective

Consider a consumer with a utility function U(x,y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦3 respectively, determine the optimal quantities of the two goods that the consumer will purchase.

Correct Answer A. (x,y) = (80,60)

B. (x,y) = (60,80)

C. (x,y) = (40,40)

D. (x,y) = (20,20)

Correct Answer

Correct Option:

(x,y) = (80,60)

This is Post Utme Noun 2024 Economics Question 16. It is one of the objective questions from the 2024 Post Utme Noun Economics examination.

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