PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS) 1 605.3 18,891 700.2 2 566.1 19,201 651.8 3 647.1 20,655 822.9 4 523.7 15,082 650.3 5 712.3 20,300 859.0 6 487.5 16,079 613.0 7 761.6 24,194 851.3 8...

PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS)

1 605.3 18,891 700.2

2 566.1 19,201 651.8

3 647.1 20,655 822.9

4 523.7 15,082 650.3

5 712.3 20,300 859.0

6 487.5 16,079 613.0

7 761.6 24,194 851.3

8 442.5 11,504 655.4

9 821.1 25,970 900.6

10 397.8 10,127 550.4

11 896.7 25,622 842.2

12 359.3 12,477 540.5

13 979.1 24,002 949.4

14 331.7 8,042 575.7

15 1064.9 23,972 925.8

Quadratic Production Function

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

Is the estimated production function “good”? Why or why not?

Jun 07, 2022

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