Post Utme Wellspring University 2024 Economics Question 7

Practice objective / multiple choice question 7 from the 2024 Post Utme Wellspring University Economics examination.

Post Utme Wellspring University 2024 Economics Objective / Multiple Choice

Question 7 POST_UTME_WELLSPRING_UNIVERSITY • 2024 • ECONOMICS • objective

A consumer has a utility function given by U(x, y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer has a budget of ₦20, find the optimal quantities of x and y.

Answer Options

Correct Answer A. x = 4, y = 2

B. x = 3, y = 3

C. x = 2, y = 4

D. x = 1, y = 5

Correct Answer

Correct Option:

x = 4, y = 2

About This Question

This is Post Utme Wellspring University 2024 Economics Question 7. It is one of the objective questions from the 2024 Post Utme Wellspring University Economics examination.

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