QUESTION 1

You have been presented with the following production data and asked to fit statistical production functions: PLANT OUTPUT (TONS) 605.3 647.1 523.7 712.3 487.5 761.6 442.5 821.1 397.8 .7 979.1 1064.9 CAPITAL (S) 18,891 19,201 20,655 15,082 20,300 16,079 24,194 11,504 25,970 10,127 25,622 12,477 24,002 8,042 23,972 LABOUR (HOURS) 700.2 651.8 822.9 650.3 859.0 613.0 851.3 900.6 842.2 540.5 949.4 575.7 925.8