As a member of Analysts Incorporated consulting firm, you have carefully collected data on a manufacturing firm's output, capital and labor. The data are in the spreadsheet below. You believe the firm's production function to be Cobb-Douglas, Q=CK L Click here for the Excel Data File a. Use regression analysis to get estimates for the parameters a and b from the Cobb-Douglas production function. Round your answers to the nearest hundredth Estimate for a Estimate for b Are your estimates statistically significant? Both coefficients are statistically significant b. Suppose capital is fixed at 400 and the price of output is $100. If labor costs $95 per unit, how many units of labor should the firm hire to maximize profits? Round your answer to the nearest whole number. a Use regression analysis to get estimates for the parameters a and b from the Cobb-Dougies production function. Round your answers to the nearest hundredth Estimate for a Estimate for b Are your estimates statistically significant? Both coefficients are statistically significant b. Suppose capital is fixed at 400 and the price of output is $100. If labor costs $95 per unit, how many units of labor should the fir hire to maximize profits? Round your answer to the nearest whole number c. If labor costs $75 per unit and capital costs $125 per unit, what is the cost-minimizing input mix for producing 4,000 units of outs Round your answers to the nearest whole number Labor: Capital J10 A 1 Output 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 222 22 23 24 25 Ready B Capital 3563 4554 3658 4107 3639 2610 5497 4219 4400 3812 4817 3762 5579 5834 5365 5153 4843 4752 5492 4654 5256 2960 7416 4727 Data 374 360 379 361 438 368 432 400 420 455 370 384 492 374 426 C Labor 437 436 474 490 404 451 382 498 391 213 285 213 231 204 216 244 245 231 255 270 206 262 235 264 271 218 274 283 310 262 235 fx 302 233 D E LL AutoSave File J10 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Ready A Off Home Insert Page Layout PROTECTED VIEW Be careful-files from the internet can contain virus- 6702 5059 4914 8769 3313 5164 4925 4781 5716 6983 5723 5441 3446 3588 5196 5171 4661 4967 4122 4603 4538 4615 4877 6627 4035 B Data 461 377 459 448 412 445 487 447 381 394 446 359 Draw 353 401 354 380 482 485 397 438 399 393 401 413 359 C fx 275 231 298 295 210 235 212 228 272 261 279 207 289 218 255 284 210 284 309 267 219 248 241 267 248 D Formulas E VEL W 428 File J10 AutoSave of H 215 Home Insert Draw Page Layout Rev PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you ne- 50 55555 51 52 53 54 55 56 57 58 59 25283 28 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Ready A 4035 4445 6224 5384 5406 5104 4990 4478 4917 4735 2877 4898 8642 5758 4139 3559 3492 5089 5177 5886 5874 3760 5728 5684 2825 Data B X 359 424 443 460 416 422 370 493 365 457 432 425 483 438 405 479 438 397 384 395 397 448 373 482 436 C 248 234 294 279 266 307 203 237 302 252 236 274 232 281 202 217 244 216 229 296 297 243 305 247 252 fix D Formula Bar E