Estimate the firm short-run production function

Assignment Help Business Economics
Reference no: EM133065250

You collect the following production data for your firm:

Q


196

2

1,155

6

443

3

62

1

1,114

9

712

5

1,045

7

631

4

903

11

1,232

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: EM133065250

Questions Cloud

What is the status of the important examples : What is the status of the important examples of physical capital in your community?
What is the current average life expectancy : What is the current average life expectancy. What was life expectancy 100 years ago?
Determine the cash flow from operating activities : Determine the cash flow from operating activities under FIFO and LIFO. Why is the cash flow from operating activities different under FIFO and LIFO
Create the potential for disaster : Some have argued that the secondary mortgage market was a key driver of the housing market collapse of the late 2000's.
Estimate the firm short-run production function : You collect the following production data for your firm:
Demand curve for pineapples : A storm in Queensland has destroyed pineapple crops across the region. Some pineapple farmers could not prepare for this and their crops were destroyed.
Banks from west countries : ''In the last year banks from West countries have printed a lot of money, so there must be a reason to fear inflation''.
Determine the direct-labor efficiency variance : Cost standards for one unit of product no. C77: Use the information to compute the following variances. Determine the direct-labor efficiency variance
Compare geometric lag and polynomial distributed lag models : Compare geometric lag and polynomial distributed lag models.

Reviews

Write a Review

Business Economics Questions & Answers

  Linear and upward-sloping and a demand curve

Eggs have a supply curve that is linear and upward-s1oping and a demand curve that is linear and downward-sloping.

  What is the outcome of the case

What is the outcome of the case and whether you agree with the final decision and why?

  Effect on the supply of wheat on the demand for wheat

If the price of oats increases, might there be an effect on the supply of wheat as well as on the demand for wheat? Explain.

  Possible result of the execution of theorem

Suppose Winston's loud music externalizes a cost onto his neighbor, Chloe. Suppose Winston and Chloe decide to solve this problem using the Coase theorem.

  Requirements for morally right action

List and explain the three Kantian requirements for a morally right action. Include an explanation of Kant’s “Categorical Imperative” (both versions). Demonstrate that you can apply the view by briefly explaining how a Kantian would answer the questi..

  Represents current financial situation of commercial bank

The balance sheet below represents the current financial situation of a commercial bank named Novatia Bank. What will happen to the bank's assets after the $150 deposit? What will happen to the bank\'s liabilities after the $150 deposit.

  Discuss the concept of local content

Discuss the concept of local content, its impact on the local employment and alternative approaches that can be employed

  From the coefficient of multiple determinations

From the coefficient of multiple determinations, you cannot detect the strength of the relationship between Y and any individual independent variable.

  Increase in consumer spending in the short run

Which of the following best explains why a $7 billion tax cut can lead to a $9 billion increase in consumer spending in the short run?

  What is the price that you should charge

You are currently charging $10 for your product. What is the price that you should charge, if demand elasticity is -3?

  What is the maximum amount that maya can consume

What is the maximum amount that Maya can consume in the first period? Would your answer be different if Maya had a borrowing constraint?

  Describe some of the personal and psychological factors

Describe some of the personal and psychological factors that may influence what consumers buy and when they buy it. Identify the ways in which business-to-business (B2B) markets differ from business-to-consumer (B2C) markets. cite sources

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd