Reference no: EM132649036
Here is the first line of data range: Output: 790 Labor-Skill: 3000 Labor Admin: 2100 Raw materials: 400 Energy: 2500
Here is the second line of data: Output: 650 Lab Skill: 2800 Lab Admin: 1875 Raw: 375 Energy: 2100
There are thirty-six lines of data.
-Estimate the output of Elasticities of the inputs; Do you believe these Estimates and why?
-What is the returns to scale in this industry?
-What might be the shape of the Long-Run Average cost curve? When output is expected to grow 10% per year for the next three years? You may want to use the average values of the independent variables as a starting point.
Assuming one can buy as much skilled labor as possible at 40 dollars per hour and Admin- labor at 25 dollar per hour.
Also Prices of Raw material is 20 dollars per board feet of material, and 200 dollars per unit of Energy.
Assume the Industry has an Average Fixed cost of $290,000
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