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Estimate the firm short-run production function

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Reference no: EM132410742

Q L

246 2

1,320 6

494 3

64 1

2,148 9

943 5

1,541 7

721 4

1,790 11

2,180 10

a. Which functional form (linear, quadratic, cubic) is most suitable to your data? Construct a scatter diagram but be sure to just do the dots; don't include the lines that connect them. Then, play around with the trendline feature and include what you consider to be the best trendline.

b. Using OLS, estimate the firm's short-run production function. Comment on the strength of the regression results.

c. Calculate the Q, AP, and MP for L = 8 workers.

d. At 8 workers, is MC rising or falling, and how do you know?

Reference no: EM132410742

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