You have been presented with the following production data and asked to fit statistical production functions:

PLANTOUTPUT (TONS)CAPITAL ($) LABOUR (HOURS)

1605.318,891700.2

2566.1 19,201651.8

3647.1 20,655 822.9

4523.7 15,082 650.3

5712.3 20,300 859.0

6487.5 16,079 613.0

7761.6 24,194 851.3

8442.5 11,504 655.4

9821.1 25,970 900.6

10397.8 10,127 550.4

11896.7 25,622 842.2

12359.3 12,477 540.5

13979.1 24,002 949.4

14331.7 8,042 575.7

151064.9 23,972 925.8

Quadratic Production Function

i.Estimate a quadratic production function where Q = output; L = labour input; K = capital input.

ii.Is the estimated production function "good"? Why or why not?(10)