05 Jun Question Economists at the Wilson Company are interested
Question
Economists at the Wilson Company are interested in developing a production function for fertilizer plants. They collected data on 15 different plants that produce fertilizer.
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.973748
R Square
0.948186
Adjusted R Square
0.93955
Standard Error
0.038937
Observations
15
ANOVA
df
SS
MS
F
Significance F
Regression
2
0.332922
0.166461
109.7978
1.94E-08
Residual
12
0.018193
0.001516
Total
14
0.351115
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Intercept
-2.06496
0.349946
-5.90079
7.24E-05
-2.82742
Capital
0.415207
0.134517
3.086656
0.009421
0.12212
Labor
1.078004
0.249335
4.323522
0.00099
0.53475
Determine the labor and capital estimated parameters, and give an economic interpretation of each value.
Determine whether this production function exhibits increasing, decreasing or constant returns to scale. (Ignore the issue of statistical significance
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