Question: 3. Using the data in the table: Estimate linear and multiplicative (Cobb-Douglas) production functions. Based on your results, which one do you consider the better

3. Using the data in the table:

Estimate linear and multiplicative (Cobb-Douglas) production functions. Based on your results, which one do you consider the better model, and why?

Plant Output Capital Labor
1 605.3 18891 700.2
2 566.1 19201 651.8
3 647.1 20655 822.9
4 523.7 15082 650.3
5 712.3 20300 859
6 487.5 16079 613
7 761.6 24194 851.3
8 442.5 11504 655.4
9 821.1 25970 900.6
10 397.8 10127 550.4
11 896.7 25622 842.2
12 359.3 12477 540.5
13 979.1 24002 949.4
14 331.7 8042 575.7
15 1064.9 23972 925.8

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