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(a) Provide a graphical illa (25 Points) 2 Suppose that you are the manager of Albarry Blenders, Inc, a manufacturer of high-tech blenders, and you
(a) Provide a graphical illa (25 Points) 2 Suppose that you are the manager of Albarry Blenders, Inc, a manufacturer of high-tech blenders, and you believe your production process is approximated by Cobb-Douglass production function, Q=ak*L, where Q is your frets output, K is capital, and L is labor. You have carefully collected data on your firm's output, capital, and labor as provided on the attached Excel Spreadsheet in GaView. 3 With Microsoft Excal, use the data provided to estimate Cobb-Douglas production function of your firm. Upload an Excel file containing the Excel Worksheet of your estimated production function and, with your regression analysis, write the equation of your estimated Cobb-Douglas production function. b. With your Excel Worksheet (regression analysis results), show your steps and calculations to determine the cost-minimizing combination of labor and capital for producing 4,000 units of output if labor costs $75 per unit and capital costs $125 per unit. C Graphically illustrate and carefully discuss the relationships among marginal cost, average variable cost, average total cost and average fixed cost, when a firm could produce any level of output
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