Post Utme Rhema University 2022 Economics Question 2

Practice objective / multiple choice question 2 from the 2022 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2022 Economics Objective / Multiple Choice

Question 2 POST_UTME_RHEMA_UNIVERSITY • 2022 • ECONOMICS • objective

A consumer has the following utility function: U(x, y) = 2x + 3y. The prices of x and y are ₦5 and ₦3 respectively. The consumer's budget is ₦20. Find the consumer's optimal consumption bundle.

Answer Options

A. x = 2 units, y = 4 units

B. x = 4 units, y = 2 units

Correct Answer C. x = 3 units, y = 3 units

D. x = 1 unit, y = 5 units

Correct Answer

Correct Option:

x = 3 units, y = 3 units

About This Question

This is Post Utme Rhema University 2022 Economics Question 2. It is one of the objective questions from the 2022 Post Utme Rhema University Economics examination.

View More Post Utme Rhema University 2022 Economics Questions More Post Utme Rhema University Practice Questions Back to Questions

Master the Exam!

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