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You are planning to estimate a short- run production function for your firm, and you have collected the following data on labor usage (L) and output (Q): Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a. Please key in the data into MS Excel for regression analysis. Estimate your firm's short-run production function. Do the parameter estimates have the appropriate algebraic signs? Are they statistically significant at the 5 percent level? b. At what point do you estimate marginal product (MP) begins to fall? c. Calculate estimates of average products (AP) and marginal products (MP) when the firm employs 20 workers. d. When the firm employs 20 workers, is short-run marginal cost (MC) rising or falling? How can you tell?
Impact of technology advance a monopolist has the following demand function: Solve for the price and quantity that the monopolist would choose to minimize its profit. And also calculate the resulting profit.
Illustrate what would you expect to see happen to the cost of a checking account if banks could not make loans. What would happen to the amount of investment made by businesses.
What is Country A's GDP - What is the composition of GDP by percentage and what is the GDP per capita
Assume the U.S. economy begins in long-run equilibrium. Concerns about global climate change cause the government to significantly restrict the production of electricity form fossil fuels.
Explain how does the chosen forecast effect operational and planning issues in the home building industry. Defend your opinion in your paper.
Carlton Corporation, a manufacturer of electronic equipment, determine the following relation between its marginal cost of production output:
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How much have prices risen between 2000 and 2010? Compare the answers given by the Laspeyres and Passche price indexes.
Elucidate what were some changes of the demand and supply fconditions that lead to the housing market bubble and collapse.
You are trying to decide whether to buy some laptop computers for your business in either Canada or in United States. Looking at identical machines on the Dell Canada and the Dell US web sites, you find that they sell for US $2000 (US dollars) in ..
Explain the meaning of value added & its importance in the income approach. Consider the data for the selling price at each stage in the production of a 5 lb bag of flour sold by your local grocer. Use the value-added approach to calculate the fin..
If you have two items which are complements in consumption and the price of one of them goes up, what happens to the demand of each of the items.
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