Post Utme Redeemers University 2024 Commerce Question 40
Practice objective / multiple choice question 40 from the 2024 Post Utme Redeemers University Commerce examination.
A consumer has a budget constraint given by P1x + P2y = 100, where P1 and P2 are the prices of two goods, and x and y are the quantities consumed. If the consumer has a utility function given by U(x, y) = 2x + 3y, and the prices of the two goods are P1 = 20 and P2 = 30, what is the value of the consumer's optimal bundle?
Answer Options
About This Question
This is Post Utme Redeemers University 2024 Commerce Question 40. It is one of the objective questions from the 2024 Post Utme Redeemers University Commerce examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.