Post Utme Oau 2019 Economics Question 30

Practice objective / multiple choice question 30 from the 2019 Post Utme Oau Economics examination.

Post Utme Oau 2019 Economics Objective / Multiple Choice

Question 30 POST_UTME_OAU • 2019 • ECONOMICS • objective

A consumer has the following utility function: U(x, y) = 2x^0.5y^0.5. If the consumer's budget is 100 and the prices of x and y are 10 and 20 respectively, find the consumer's optimal consumption bundle u\sing the method of Lagrange multipliers.

Correct Answer A. x = 10, y = 5

B. x = 5, y = 10

C. x = 20, y = 2

D. x = 2, y = 20

Correct Answer

Correct Option:

x = 10, y = 5

This is Post Utme Oau 2019 Economics Question 30. It is one of the objective questions from the 2019 Post Utme Oau Economics examination.

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