Post Utme Redeemers University 2017 Economics Question 7

Practice objective / multiple choice question 7 from the 2017 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2017 Economics Objective / Multiple Choice
Question 7 POST_UTME_REDEEMERS_UNIVERSITY • 2017 • ECONOMICS • objective

A consumer has a budget of ₦1000 and faces the following prices: Q1 = ₦5, Q2 = ₦10, Q3 = ₦15. If the consumer's utility function is U = 2Q1 + Q2 + 3Q3, and the consumer's income is ₦1000, what is the consumer's optimal bundle of goods?

Answer Options

A. Q1 = 200, Q2 = 100, Q3 = 0
B. Q1 = 150, Q2 = 75, Q3 = 25
Correct Answer C. Q1 = 100, Q2 = 50, Q3 = 50
D. Q1 = 0, Q2 = 100, Q3 = 100
Correct Answer
C
Correct Option:
Q1 = 100, Q2 = 50, Q3 = 50

About This Question

This is Post Utme Redeemers University 2017 Economics Question 7. It is one of the objective questions from the 2017 Post Utme Redeemers University Economics examination.

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