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(Solved by Expert Tutors) Summit Farms hires unskilled daily workers to pick strawberries in>


their fields. The actual production depends on the availability of workers and weather related factors. Summit Farms has the following data on the number of workers used, L and the amount of production, q, measured in pounds of strawberries for 15 days. 4 Daily Production Data Day L q 1 5 250 2 7 390 3 8 447 4 6 336 5 6 329 6 8 447 7 10 505 8 11 483 9 12 437 10 9 495 11 10 485 12 10 499 13 8 322 14 7 404 15 8 448 (a) Using Excel?s Regression package estimate a production function for Summit Farms which is of the form: q =a L3 + b L2. Provide the detailed regression output generated by Excel. Identify the estimates of the coefficients a and b. Write the equation for the estimated production function. Identify the value of R2 . (b) Using the estimated function and Excel?s charting tool plot the Total Product of Labor (TPL), the Average Product of Labor (APL) and the Marginal Product of Labor Curves. Are these graphs and thus the estimated cubic production function consistent with standard TPL, APL and MPL curves?

 


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Apr 19, 2020

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