Suppose we have observations on output {Q} and labor [Ll for 32 rms with identical levels of capital. You estimate the following from these data: 55E = BU 2:11 a? = 200 2:11 a? = mo El; 9951' = 40 The mean of Q= 4G The mean of L5 = 30 ...where q; and 1,; are deviations of output and labor, respectively, from their means. Question 16 1 pts What are the ordinary least squares estimates of bo and b1, respectively, in the following linear production function? Qi = bot bi Life; O bo = 40, b1=0.4 O b0 = 8, b1=0.4 O bo = 24, b1=0.2 O bo = -160, b1=2.5 Question 17 1 pts What is the estimated elasticity of output (Q) with respect to labor (L), evaluated at the mean output and labor input? O 0.4 O 0.8 O 0.2 O 0.6