1. A Cobb-Douglas production function relates production (????) to factors of production, capital (K), labor (L) and raw materia
1 answer:
Answer:
Hello your question is poorly written attached below is the complete question
answer : attached below
Step-by-step explanation:
<u>Determine how to use regression analysis to estimate the production parameters</u>
step 1 : take log of both sides of the equation
where : Q = quantity , K = capital , L = labor, M = material, u = error , others are coefficients
attached below is the detailed solution
You might be interested in
Answer:
The final equation is
Step-by-step explanation:
The slope of the line CB where, C(0,3) and B(12,-6) will be
Now, if the line perpendicular to the line CB has slope N, then M × N = - 1
⇒ {Since
}
Now, equation of the straight lines which are perpendicular to CB will be in slope-intercept form
{Where, c is the y-intercept}
If this straight line passes through the point (7,4), then
⇒ 12 = 28 + 3c
⇒ 3c = - 16
⇒
Therefore, the final equation is (Answer)