The model used in economics to describe production is Q = 0 C 1 K

Question:

The model used in economics to describe production is

Q = β₀C^β₁ K^β₂ L^β₃ ε

Where the dependent variable Q is the quantity produced, C is the capacity of a production unit, K is the capital invested in the project, and L is labor input, in days. Transform the model to linear regression form.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Complete Business Statistics

ISBN: 9780077239695

7th Edition

Authors: Amir Aczel, Jayavel Sounderpandian

See More Books

Question Posted: Jun 03, 2015 08:40 AM

See More Questions

A simple linear regression model was used to describe the relationship between y = hardness of molded plastic and x = amount of time elapsed since the end of the molding process. Summary quantities...
A simple linear regression model was used to describe the relationship between sales revenue y (in thousands of dollars) and advertising expenditure x (also in thousands of dollars) for fast-food...
Transform the following linear programming model into standard form and solve by using the computer: Maximize Z = 140x1 + 205x2 + 190x3 Subject to 10x1 + 15x2 + 8x3 610 x1 / x2 3 x1 0.4(x1 + x2 +...
Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the...
How are modern tools of banking revolutionizing the relationship between banks and their clientele?
A company has three employees, each of whom has been employed since January 1, earns $2,600 per month, and is paid on the last day of each month. On March 1, the following accounts and balances...
There are two propositions: (a) I flip a coin. If it is heads, you are paid \$3; if it is tails, you are paid $\$ 0$. It costs you $\$ 1$ to participate in this proposition. You may do so at any...
Tyler Pahl recently received the following information related to Pahl Companys December 31, 2014, balance sheet. Inventory ................$ 4,100 Cash .................. 3,900 Equipment...
How might emerging technologies such as virtual reality therapy and biofeedback training be utilized to facilitate resilience-building by providing immersive, personalized experiences that promote...
The following data are taken from the trial balance of Bula Island Limited on 30 June 2018 with selected comparative information provided for 30 June 2017. 2018 9,245,000 850,000 1,450,000 150,000...
For a multiple regression model with two independent variables, results of the analysis include y = 852, x1 = 155, x2 = 88, x1y = 11,423, x2y = 8,320, x1x2 = 1,055, x21 = 2,125, and x22 = 768, n =...
A realtor is interested in assessing the impact of size (in square feet) and distance from the center of town (in miles) on the value of homes (in thousands of dollars) in a certain area. Nine...
What is the cost of the land in the companys statement of financial position (balance sheet)? (a) 1.5m (b) 1.6m (c) 2.0m (d) 2.1m The following information applies to question. A major electronics...
XYZ sells its products to customers on credit. The credit terms are 2/10, net Only 80 per cent of the customers avail themselves of the discount and pay 10 days after the billing. a. What is the...
Read Eye on the Price of Gasoline on p. 121 and then explain why the demand for gasoline is more inelastic in the short run than in the long run. Which is likely to be more inelastic, the demand for...
A monatomic ideal gas is enclosed in a cubic box of side length $\ell$. While preserving the cubic shape, the container volume is decreased until the side length is halved, and this change causes...
Problems P3.2, P3.9 and P3.10 have shown how the efficiency of a basic Rankine cycle can be improved, but even after superheating the steam leaving the turbine is still wet. This situation could be...
For more than a century, American unions have played an important role in the workplace, striving to improve the working conditions and quality of life of employees. Today, federal laws cover many of...
Lung surfactants used therapeutically are a. Injected into a developed muscle. b. Instilled via a nasogastric tube. c. Injected into the umbilical artery. d. Instilled into an endotracheal tube...
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
The histograms show the number of pairs of shoes reported for 300 males and for 300 females. Descriptive statistics are also shown. a. Describe the shape of each histogram. b. Because of the shapes,...
A StatCrunch survey asked people what maximum income tax rate (as a percentage of income) should be allowed and whether they were Republican or Democrat. Compare the two political parties. Compare...
The figure shows the population density (people per square mile) for the 50 states in the United States, based on an estimate from the U.S. Census Bureau. The regions are the Midwest (MW), Northeast...
Given the function. f(x) = ln (2x+3x) Compute f'(x). Enter your answer rounded to the nearest tenth
A motor-cycle manufacturing company desires a profit of $600,000. The fixed costs are $800,000. The unit selling price of the motor-cycle is $750 and the variable cost per unit is $680. How many...
3. ZR Corporation's stock has a beta coefficient equal to 0.8 and a required rate of return equal to 11 percent. If the expected rate of return on the market is 12.5 percent, what is the risk-free...

The model used in economics to describe production is Q = 0 C 1 K

Question:

Step by Step Answer:

Take logs of both ...View the full answer

Complete Business Statistics

Students also viewed these Statistics questions