Reference no: EM13967173
Production Function Estimation
Consider the following Cobb-Douglas production func- tion for bus service in a typical metropolitan area:
where
Q = b0Lb1Kb2Fb3
Q = output in millions of passenger miles
L = labor input in worker hours
K = capital input in bus transit hours
F = fuel input in gallons
Each of the parameters of this model was estimated by regression analysis using monthly data over a recent 3-year period. Results obtained were as follows (standard errors in paren- theses):
ˆb0 = 1.2; ˆb1 = 0.28; ˆb2 = 0.63; ˆb3 = 0.12
The standard error estimates for each coefficient are
ˆb0 = 0.4; ˆb1 = 0.15; ˆb2 = 0.12; ˆb3 = 0.07
A. Estimate the effect on output of a 4% decline in worker hours (holding K and F constant).
B. Estimate the effect on output of a 3% reduction in fuel availability accompanied by a 4% decline in bus transit hours (holding L constant).
C. Estimate the returns to scale for this production system.
|
Three measures to ensure compensation scale is competitive
: This survey should be a list of questions that will garner the information needed in order to help ensure that the job being surveyed is similar to the selected job. The questions must also acquire the salary information for the surveyed job.
|
|
Determine es and os for this system
: Let P ⊆Rn be a convex set, and let x ε Rn with TP (x) 6= Φ. Prove that TP (x) is a convex cone.
|
|
Determine training needs required for trauma counselors
: Determine the specific training needs required for trauma counselors. Describe how counselors know if they are acting outside their area of competence
|
|
Contribution of this company to social security
: The average clerical wages in your company (that is, the average salary of all the clerical employees working in your firm in that particular metropolitan location) are as follows: 1984 = $18,000 2014 = $25,000 2015= $26,200 Based on the salary data ..
|
|
Estimate production function estimation
: Consider the following Cobb-Douglas production func- tion for bus service in a typical metropolitan area:
|
|
Contracted with rem discount security products
: David Seeley owned an apartment building located at 15 East 21st St.in the Gramercy Park area of New York. Seely contracted with Rem Discount Security Products, Inc. to install security locks on the front door of the building. Einhorn sued Seely and ..
|
|
Provide two examples of process evaluations.
: Provide two examples of outcome evaluations. Make up you own examples using the nesw scenario program/activity you have developed.
|
|
Determining the net marginal revenue
: Will Truman & Associates, LLC, is a successful Manhattan-based law firm. Worker productivity at the firm is measured in billable hours, which vary between partners and associates.
|
|
Demand for product-how many units should be ordered
: The daily demand for a product is 17 units with a standard deviation of 2.6 units. The review period is 30 days with a lead time of 14 days. Management has a set policy of satisfying 95% of demand from items in stock. At the beginning of the review p..
|