Question: Access the file PRODUCTION FUNCTION 2 in which Input is used as an independent variable to explain changes in Output. a. Graph the relationship with

Access the file PRODUCTION FUNCTION 2 in which Input is used as an independent variable to explain changes in Output.

a. Graph the relationship with Output on the vertical axis. What do you observe?

b. Estimate the proper model using your chosen computer software.
Collect the residuals.

c. Plot the residuals and comment.

d. Based on the vertex, at what level of input is output maximized?

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