2. Agriculture production increased dramatically in the second half of the twentieth century due to a set of innovations called the Green Revolution. The following data illustrates the relationship between nitrogen fertilizers (in pounds) and the output of a particular type of wheat (in bushels). Each observation is based on one acre of land and all other relevant inputs such as water, labor and capital are held constant. Fertilizer (pounds) Wheat (bushels) 20 40 60 80 100 120 140 160 47 86 107 131 136 148 149 142 Use Excel to estimate the short run production function. (Plot fertilizer on x-axis and wheat on y-axis and then use an appropriate trend line). You do not have to submit the excel file. a. What is your estimated production model? b. What is the largest amount of fertilizer that should ever be used despite being available at zero cost?
2. Agriculture production increased dramatically in the second half of the twentieth century due to a set of innovations called the Green Revolution. The following data illustrates the relationship between nitrogen fertilizers (in pounds) and the output of a particular type of wheat (in bushels). Each observation is based on one acre of land and all other relevant inputs such as water, labor and capital are held constant. Fertilizer (pounds) Wheat (bushels) 20 40 60 80 100 120 140 160 47 86 107 131 136 148 149 142 Use Excel to estimate the short run production function. (Plot fertilizer on x-axis and wheat on y-axis and then use an appropriate trend line). You do not have to submit the excel file. a. What is your estimated production model? b. What is the largest amount of fertilizer that should ever be used despite being available at zero cost?
Chapter3: Economic Decision Makers
Section: Chapter Questions
Problem 1.2P
Question
Don't use Ai.
Answer in step by step with explanation.
Ggggggggghg
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