Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I previously asked for help with this question and was told that it was a linear functional form and that R^2 is 0.9991 - I
I previously asked for help with this question and was told that it was a linear functional form and that R^2 is 0.9991 - I am getting different results - can someone else please look at this question and let me know if it is linear because I am not getting a linear function.
[Econ 705 Module 5 Assignment 1. You collect the following production data for your firm: Q L a. Which functional form (linear, quadratic, cubic) is most 177 2 suitable to your data? Construct a scatter diagram but be sure 1,006 6 to just do the dots; don't include the lines that connect them. 414 3 Then, play around with the trendline feature and include what 66 1 you consider to be the best trendline. 1,847 9 b. Using OLS, estimate the nn's shortrun production function. 938 5 Comment on the strength of the regression results. c. Calculate the Q, AP, and MP for L : 8 workers. 1;:27 Z: d. At 8 workers, is MC rising or falling, and how do you know? 1,25 8 1 1 1,654 10Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started