Suppose a prod Is given by z=(1+3x)e' , where t is the labor hours per worker, and y is the capital expenditure (in hundreds of thousands of dollars). When the labor hours per worker are 30, and the capital expenditure is 2 (hundreds of thousands of dollars), (a) Find the find marginal productivity of x when x = 30 and y = 2 (b) Explain what the value in part (a) represents.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.