Question: Access the file PRODUCTION FUNCTION in which output is expressed as a function of the number of labor hours used in the production process. Graph

Access the file PRODUCTION FUNCTION in which output is expressed as a function of the number of labor hours used in the production process. Graph the relationship with output on the vertical axis. What do you presume is the relationship between the two variables? Estimate the model using your computer software of choice.

Evaluate and discuss the model.

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