Post Utme Redeemers University 2020 Economics Question 12

Practice objective / multiple choice question 12 from the 2020 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2020 Economics Objective / Multiple Choice

Question 12 POST_UTME_REDEEMERS_UNIVERSITY • 2020 • ECONOMICS • objective

A consumer has the following utility function: U(x,y) = 2x + 3y. If the prices of x and y are $5 and $3 respectively, and the consumer's income is $20, what is the optimal bundle of x and y that maximizes utility?

Answer Options

A. $ x = 2, y = 4 $

Correct Answer B. $ x = 4, y = 2 $

C. $ x = 1, y = 6 $

D. $ x = 3, y = 3 $

Correct Answer

Correct Option:

$ x = 4, y = 2 $

About This Question

This is Post Utme Redeemers University 2020 Economics Question 12. It is one of the objective questions from the 2020 Post Utme Redeemers University Economics examination.

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