How large quantity of capital to use in producing goods

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Reference no: EM1346470

1. Suppose E(PX,PY,U)=UPXPY+2PY,U>0. Then X is

(a)Neither a net complement nor a net substitute for Y

(b)A net complement for Y

(c)A net substitute for Y

(d)None of the above

2. Fred's demand schedule for movie DVDs is as follows: At $60, he would buy 1; at $50, he would buy two; at $30, he would buy 3; and at $20, he would buy 4. If the price of movie DVDs equals $40, the consumer surplus Fred receives from purchasing movie DVDs would be:

a. $40.

b. $180.

c. $20.

d. $30.

3. When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly." This statement

a. represents the traditional view of the production process.

b. is an assertion that capital is subject to diminishing returns.

c. is made under the assumption that the quantities of human capital, natural resources, and technology are being held constant.

d. All of the above are correct.

Reference no: EM1346470

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