Help me on this one please?
labor usage -3,7,9,11,17,17,20,24,26,28,30
output-1,2,3,5,8,10,15,18,22,21,23
a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter
diagram to help with this question.
b.using the computer software for regression analysis, estimate your firm's short-run production function using thr data given here. Do the parameter estimates have the appropriate algebraic sighns? Are they statistically significant at the 5 percent level?
c.At what point do you estimate marginal product begins to fall?
D.calculate estimates of total, average, and marignal products when the firm employs 23 workers.
e.whenthe firm employs 23 workers, is short-run marginal cost (SMC) rising or falling? How can you tell.
Something is wrong with your data (or, at least very confusing to me). First, how can you have a negative labor usage? You also have a negative output, which I could guess exists (existing products are destroyed rather than made). However, negative output bothers me.
Second, you have labor usage at 17 twice. And outputs for the two 17s are different.
Plz check your data, and repost (even if you have copied the problem correctly). The regression-analyses questions you ask are fairly straight forward.