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Estimated function in terms the statistical significance

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Reference no: EM131277475

Suppose you are given the following cross-section data on the production of a given good in a particular industry for 2010.

Company

Q

K

L

1

709

2400

59

2

650

2290

58

3

600

2150

58

4

180

570

44

5

300

900

51

6

345

1170

52

7

480

1740

53

8

540

2010

55

9

200

625

47

10

250

775

51

11

300

1020

50

12

370

1310

51

13

425

1600

53

14

500

1875

54

15

365

1300

55

16

700

2430

58

d. Now estimate the following function

Q = ALaKb ee

(i) Report the estimated function below. 

(ii) Convert the estimated function to its original form

e.  Evaluate the estimated function in terms the statistical significance of each coefficient and the overall significance of the regression equation.  Use 5% level of significance.

f. Are the marginal products of L and K subject to diminishing marginal returns? Show why.

g.   What is the output elasticity with respect to L and K?  What is the degree of returns to scale?

h.  How many units of output can be produced if K= 2,500 and L = 60?

Reference no: EM131277475

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