1. You collect the following production data for your firm: L a. Which functional form (linear, quadratic, cubic) is most suitable to your data? Construct a scatter diagram but be sure to just do the dots; don't include the lines that connect them. Then, play around with the trendline feature and include what you consider to be the best trendline. b. Using OLS, estimate the firm's short-run production function. Comment on the strength of the regression results. c. Calculate the Q, AP, and MP for L = 8 workers. d. At 8 workers, is MC rising or falling, and how do you know? 224 1,624 454 3 68 1 9. 2,011 1,392 5 1,505 740 7 4 1,771 11 2,242 10
1. You collect the following production data for your firm: L a. Which functional form (linear, quadratic, cubic) is most suitable to your data? Construct a scatter diagram but be sure to just do the dots; don't include the lines that connect them. Then, play around with the trendline feature and include what you consider to be the best trendline. b. Using OLS, estimate the firm's short-run production function. Comment on the strength of the regression results. c. Calculate the Q, AP, and MP for L = 8 workers. d. At 8 workers, is MC rising or falling, and how do you know? 224 1,624 454 3 68 1 9. 2,011 1,392 5 1,505 740 7 4 1,771 11 2,242 10
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Transcribed Image Text:1. You collect the following production data for your firm:
L
a. Which functional form (linear, quadratic, cubic) is most
suitable to your data? Construct a scatter diagram but be sure
to just do the dots; don't include the lines that connect them.
Then, play around with the trendline feature and include what
you consider to be the best trendline.
b. Using OLS, estimate the firm's short-run production function.
224
2
1,624
6
454
3
68
1
2,011
Comment on the strength of the regression results.
c. Calculate the Q, AP, and MP for L = 8 workers.
d. At 8 workers, is MC rising or falling, and how do you know?
1,392
1,505
740
4
1,771
11
2,242
10
95
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