You are planning to estimate a short-run production function for your firm, and you have collected

You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 Does a cubic equation appear to be suitable specification, given these data? You may wish to construct a scatter diagram to help you answer the question. Using a computer and software for regression analysis, estimate your firm’s short-run production function using the data given here. Do the parameter estimates have the appropriate algebraic signs? Are they statistically significant at the 5 percent level? At what point do you estimate marginal product begins to fall? Calculate estimates total, average, and marginal products when the firm employs 23 workers. When the firm employs 23 workers, is short-run marginal cost (SMC) rising or falling? How can you tell?

 

Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code “Newclient” for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

The post You are planning to estimate a short-run production function for your firm, and you have collected appeared first on Affordable Nursing Writers.