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- 10K L%. 1). Consider the production function Q = (a) What is the output when K = 100000 and L = 243? (b) Use the marginal analysis to estimate Q(99995, 243) and Q(100000, 245). (c) Use a calculator to compute these two values of Q to three decimal places and compare these values with your estimates in (b). (d) How big must AL be in order for the difference between Q(100000, 243+AL) and its linear approximation Q(100000, 245) + -DAL, to differ by more than two units?In the formula ke >= (D1/P0) + g, what does (D1/P0) represent?21. The estimation of a Cobb-Douglas production function for 20 firms of a given industry yields: 4. 16.907+0.322k; +2.777li R2 = 0.915 DW = 2.032 RSS = 0.461 Use α = 5% 4.939971 Var ẞ=0.216639 0.031857 -0.857446 -0.057229 0.166070/ where fitted values of naturals logarithms of output (output express in 1000 tons); ki: natural logarithms of capital output (output express in 1000 tons) l: natural logarithms of labour (labour is in hours) RSS: residual sum of squares 1: firm index Var ẞ: variance-covariance matrix of estimates Evaluate the statistical significance of the coefficients.
- Question 6 The estimation of a Cobb-Douglas production function for 20 firms of a given industry yields: = a. 16.907 + 0.322k; + 2.777lį R² = 0.915 DW = 2.032 RSS = 0.461 Use a = 5% Var ß = 0.166070 0.031857 0.216639 -0.857446 -0.057229 4.939971/ where : fitted values of naturals logaritrhms of output (output express in 1000 tons); ki: natural logaritrhms of capital output (output express in 1000 tons) li: natural logaritrhms of labour (labour is in hours) RSS: residual sum of squares 1: firm index Var ß: variance covariance matrix of estimates Evaluate the statistical significance of the coefficients. Page 4 of 12 b. A regression on the original regressors, q² and a constant term yields the following statistics: R² = 0.296041 F = 1.177507 coeff of ² has a t-statistic of 2.876 (i) With this information, which test can you implement to deal with the problem omitted variables and why? (ii) Implement the test as stated in b(i) and interpret the results. (iii) What is (are) the…Windies Cricket manufactures Windies supporter jerseys. The quantity q, of thesejerseys demanded weekly is related to the wholesale price per jersey p, by thefollowing equation:? = −0.006? + 15The weekly total cost incurred by Windies Cricket for producing q jerseys is:?(?) = 38? − 0.02?2 + 30,000a. Determine an expression to represent the weekly Revenue functionb. Determine an expression to represent the weekly Profit function.c. Calculate the weekly Revenue when ten dozen jerseys are produced and sold.d. Will Windies Cricket record a loss or profit if they were to produce and sell 2450jerseys?e. If Windies Cricket wishes to maintain a total cost less than $42,000.00, whatrange(s) of Windies jerseys should be produced. f. Calculate the equilibrium price and quantity for Windies jerseys.1. The estimation of a Cobb-Douglas production function for 20 firms of a given industry yields: = 16.907 + 0.322k₁ + 2.777l₁ R² = 0.915 DW = 2.032 RSS=0.461 Use a = 5% Var ß= 0.166070 0.031857 0.216639 -0.857446 -0.057229 4.939971/ where : fitted values of naturals logaritrhms of output (output express in 1000 tons); k₁: natural logaritrhms of capital output (output express in 1000 tons) l: natural logaritrhms of labour (labour is in hours) RSS: residual sum of squares t: firm index Var ß: variance - covariance matrix of estimates a. Evaluate the statistical significance of the coefficients.
- Q4 Identify the Types of the following Functions: C = f(Q) = Q³ – 5Q² + 14Q + 50,. AR = f(Q) = 15 – Q, .. .12 A production company is studying the relationship between the average cost/unit and number of units produced in a batch. A sample of 10 batches is selected and the data is given below. No. of Units Produced 20 35 50 65 80 95 110 120 135 -150 Cost/unit 37.7158 36.0158 30.8158 27.8158 20.0364 16.9064 14.3766 13.8564 13.9696 13.847Plastic cups are made by forming of raw plastic. The price of plastic is 4.500 OMR per kg and the price of plastic cups is 13 OMR per 1000 cups. Plant requires differ- ent machine which cost about 50,000 OMR, but the machines has to be imported, after paying 25% as customs duty. On a graph paper, draw a freehand graph and represent all important parameters. Due to increase in plastic price, the break-even quantity has increased by 10%. Find out the new plastic price?
- What's the correct answer for 3 & 4Hi, I have been trying to compute the optimal values from this lagrangian. But I can't seem to find a way to get the values from the answer key. I attached both the question and answers. Could you please explain to me how to get these values from the first-order conditions? Thank you very muchThe following two equations were estimated using the data in MEAPSINGLE. The key explanatory variable is lexppp, the log of expenditures per student at the school level. math4 = 24.49 + 9.01 lexpp – 422 free – .752 Imedinc – .274 pctsgle (.071) (59.24) (4.04) n = 229, R² = .472, R² (5.358) (.161) 462. 149.38 + 1.93 lexppp – .060 free – 10.78 Imedinc – .397 pctsgle + .667 read4 (3.76) math4 (41.70) (2.82) (.054) (.111) (.042) n = 229, R = .749, R = .743. (i) If you are a policy maker trying to estimate the causal effect of per-student spending on math test performance, explain why the first equation is more relevant than the second. What is the estimated effect of a 10% increase in expenditures per student? (ii) Does adding read4 to the regression have strange effects on coefficients and statistical signifi- cance other than Brexppp? (iii) How would you explain to someone with only basic knowledge of regression why, in this case, you prefer the equation with the smaller adjusted…