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?
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