Given the following data on output and inputs for ten production period Capital (K) 10 Production period Output (Q) Labour (L) 1 225 20 240 12 22 3 278 10 26 4 212 14 18 5 199 12 16 297 16 24 242 16 20 155 10 14 215 20 10 160 8 14 1. Estimate the parameters (A, a and B) of a Cobb-Douglas production function using the least squares regression method. 2. Use estimated parameters to determine (a) returns to scale and (b) factor intensity 3. Determine elasticity of labour and elasticity of capital 4. Measure marginal product of labour and capital for the input combination (L=20 and k=30) 5. Construct the equation for isoquant and graph the isoquant assuming output is 100 units and L = 2,4.6.8.10.12.14.16 and 18I

Given the following data on output and inputs for ten production period Capital (K) 10 Production period Output (Q) Labour (L) 1 225 20 240 12 22 3 278 10 26 4 212 14 18 5 199 12 16 297 16 24 242 16 20 155 10 14 215 20 10 160 8 14 1. Estimate the parameters (A, a and B) of a Cobb-Douglas production function using the least squares regression method. 2. Use estimated parameters to determine (a) returns to scale and (b) factor intensity 3. Determine elasticity of labour and elasticity of capital 4. Measure marginal product of labour and capital for the input combination (L=20 and k=30) 5. Construct the equation for isoquant and graph the isoquant assuming output is 100 units and L = 2,4.6.8.10.12.14.16 and 18I

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 8E

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