# A firm estimates its cubic production function of the following form:

A firm estimates its cubic production function of the following form: Q = AL^3 +BL^2  and obtains the following results:
Dependent VARIABLE Q R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS 32 0.7547 92.31 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
L3 -0.0016 0.0005 -3.2 0.0032
L2 0.4 0.095 4.21 0.0002
a. Based on the estimation results, write thee equations for total product, average product, and marginal product curves:
b.The estimated values of A and B are statistically significant at exact what level of significance? (use the p-value)
c. Find the level of labor at which the average product of labor reaches its maximum value.

2. Suppose the short-run production function for a particular product is represented by:
Q = 60,000L2 – 1,000L3
a. Find the marginal product and show mathematically that labor is subject to diminishing returns.
b. Beyond what labor usage, the marginal product becomes negative.
c. Show mathematically that when the average product is at maximum, marginal product is equal to it?

Assume Caspian is a firm operating in a competitive market. The estimated its average variable cost function is shown below: AVC = A + BQ + CQ2
The total fixed cost (TFC) = \$1,000.
Dependent VARIABLE AVC R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS 35 0.8713 108.3 0.0001
VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE
INTERCEPT 43.4 13.8 3.14 0.0036
Q -2.8 0.9 -3.11 0.0039
Q2 0.2 0.05 4 0.0004
a. Are the estimated coefficients statistically significant at the 5% level of significance?
b. Find the total cost function.
c. Find the equation for the ATC. Is it U-shaped? A simple yes/no is not enough. Use math.
d. Find the shut-down price.
e. How much will the firm produce at the market price of \$53.4?

Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
English 101
thank you for your professional work
Customer 454759, July 1st, 2020
Retail
This submission was excellently done. Looking foward to your future contribution.
Customer 463463, December 12th, 2022
Construction Management
Impressive
Customer 463153, July 14th, 2022
Accounting
Thank you for the revision! This is how it should look like.
Customer 463407, October 16th, 2022
Nursing
Great Job! Thank you for your help :)
Customer 454007, May 24th, 2020
English 101
Always use Grammarly before submitting your papers.
Customer 462495, April 6th, 2022
Medicine
Good work
Customer 453187, May 25th, 2022
Other
Customer 462815, April 6th, 2022
Quality work. Looking forward to your future contributions.
Customer 463467, December 2nd, 2022
well done
Customer 452441, April 14th, 2022
Excellent work
Customer 453413, February 14th, 2020
SEO
The work is well-written, pretty much flawless.
Customer 463869, May 8th, 2023
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend