Post Utme Wellspring University 2020 Economics Question 11

Practice objective / multiple choice question 11 from the 2020 Post Utme Wellspring University Economics examination.

Post Utme Wellspring University 2020 Economics Objective / Multiple Choice
Question 11 POST_UTME_WELLSPRING_UNIVERSITY • 2020 • ECONOMICS • objective

Consider a consumer with a utility function ( U(x,y) = 2x + 3y - x^2 - 2y^2 ). If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, find the optimal bundle of x and y u\sing Lagrange multipliers.

Answer Options

Correct Answer A. \( x = 10, y = 5 \)
B. \( x = 5, y = 10 \)
C. \( x = 15, y = 0 \)
D. \( x = 0, y = 15 \)
Correct Answer
A
Correct Option:
\( x = 10, y = 5 \)

About This Question

This is Post Utme Wellspring University 2020 Economics Question 11. It is one of the objective questions from the 2020 Post Utme Wellspring University Economics examination.

View More Post Utme Wellspring University 2020 Economics Questions More Post Utme Wellspring 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