Reference no: EM13182422
Based on the production function parameter estimates reported in Table 7.4: a. Which industry (or industries) appears to exhibiting constant returns to scale? (Ignore the issue statistical significance.) b. Which industry comes closest to exhibiting constant returns to scale? c. In which industry will a given percentage increase in captial result in the largest percentage increase in output? d. In what industry will a given percentage increase in production workers result in the largest percentage increase in output?
INDUSTRY CAPITAL PRODUCTION NONPRODUCTION SUM OF
ELASTICITY WORKER ELASTICITY WORKER ELASTICITY ELASTICITIES
FOOD AND BEVERAGES .555 .439 .076 1.070*
(.121) (.128) (.037) (.021)
TEXTILES .121 .549 .335 1.004
(.173) (.216) (.086) (.024)
FURNITURE .205 .802 .103 1.109*
(.153) (.186) (.079) (.051)
PETROLEUM .308 .546 .093 .947
(.112) (.222) (.168) (.045)
STONE, CLAY, ETC .632 .032 .366 1.029
(.105) (.224) (.201) (.045)
PRIMARY METALS .371 .077 .509 .958
(.103) (.188) (.164) (.035)
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In what industry will give percentage increase in production
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