Reference no: EM131017394
1. A firm estimates its cubic production function of the following form: Q = AL3 + BL2 and obtains the following results:
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DEPENDENT VARIABLE
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Q
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R-SQUARE
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F-RATIO
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P-VALUE ON F
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OBSERVATIONS:
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32
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0.7547
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92.31
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0.0001
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VARIABLE
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PARAMETER
ESTIMATE
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STANDARD
ERROR
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T-RATIO
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P-VALUE
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L3
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-0.0016
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0.0005
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-3.20
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0.0032
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L2
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0.4000
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0.0950
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4.21
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0.0002
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a. The equations for total product, average product, and marginal product are:
TP = ___________________________
AP = ___________________________
MP = ___________________________
b. The estimated values of A and B are statistically significant at the (exact) levels, ________ and _________, respectively.
c. At _______ units of labor usage, marginal product of labor begins to diminish.
When the wage rate is $300, answer the following questions. (Remember that AP =
Q/L; AVC = w/AP; and SMC = w/MP.)
d. Average product of labor reaches its maximum value at ________ units of labor.
e. At the output for part d, average variable cost is $______________ and marginal cost is $____________.
f. When the rate of labor usage is 100 units of labor, output is _______ units.
Average variable cost is $_________ and marginal cost is $__________.
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