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1. You collect the following production data for your firm: a. Which functional form (linear, quadratic, cubic) is most suitable to your data? Construct a
1. You collect the following production data for your firm: 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
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