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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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Category > Accounting Posted 04 Aug 2017 My Price 6.00

Cobb-Douglas

P7.10 Production Function Estimation. Consider the following Cobb-Douglas production func- tion for bus service in a typical metropolitan area:

 

 

 

where

 

Q  =  b0Lb1Kb2Fb3

 

Q = output in millions of passenger miles

L = labor input in worker hours

K = capital input in bus transit hours

F = fuel input in gallons

 

 

Each of the parameters of this model was estimated by regression analysis using monthly data over a recent 3-year period. Results obtained were as follows (standard errors in paren- theses):

ˆb0    =  1.2;   ˆb1    = 0.28;   ˆb2    = 0.63;  ˆb3    = 0.12

The standard error estimates for each coefficient are

 ˆb0   = 0.4;    ˆb1   = 0.15;    ˆb2   = 0.12;    ˆb3   = 0.07

 

 

 

 

 

 

 

 

 

A.   Estimate the effect on output of a 4% decline in worker hours (holding K and F constant).

B.    Estimate the effect on output of a 3% reduction in fuel availability accompanied by a 4% decline in bus transit hours (holding L constant).

C.    Estimate the returns to scale for this production system.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 01:08 AM My Price 6.00

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