A film determines that a cubic functional form best represents its production function. Q = AL
Question: A film determines that a cubic functional form best represents its production function.
Q = AL3 + BL2The firm collects its input and output data and estimates the cubic production function using ordinary least squares, and obtains the following output.
a. What is the estimated total product of labor (TPL)?
b. What is the estimated average product of labor (APL)?
c. What is the estimated marginal product of labor (MPL)?
d. At L=50, what are TPL, APL, and MPL?
e. At what level of labor input (L) does MPS, begin to diminish?
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Deliverables: Word Document
Deliverables: Word Document
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