Economics of Enterprise Answers

Consider the following production function.

TPL = 12L2 – 0.8L3

Determine the marginal product function(MPL)

Determine the average product function (APL)

Find the value of L that maximizes TPL

Find the value of L that maximizes APL

Find the value of L that maximizes MPL

how much more or less will a passenger pay if she travels five times in April if demand 6400 and price is 18 and 3 times in july if demand is 2000 and price 40?

The price falls from $10.00 to $9.50, and the quantity demanded rises from 100 units to 110 units. What does total revenue equal at the lower price

A sports collector is considering the purchase of either a jersey or a baseball that was struck for a home run. If the collector chooses to purchase the jersey, what is the opportunity cost

The law of supply states that as price increases, ceteris paribus, _____.(1 point)

• supply decreases
• supply decreases
• supply increases
• supply increases
• quantity supplied increases
• quantity supplied increases
• quantity supplied decreases
• quantity supplied decreases

Show that the test-taking the overall significance of regression model using ANOVA table to be expressed as:

𝑭=𝑹^𝟐/𝒌−𝟏⁄(𝟏−𝑹^𝟐)/𝒏−𝒌

Where R be a level of determination and k is the number of parameters in the n sampled regression model.

Suppose the production(Y) is determined as a function of labor input in hours (L) and capital input in machine hours (K). Using the Cobb-Douglas function:

Y= β0 + β1K ^β₁ + e^k

Write the procedure to estimate the coefficients of this function.

Consider a k-variables linear regression model, i.e.,

Y = X 1β1 + X 2 β2 + ε,

Where, X₁ is (N . k1 ) , X ₂ is (N . k₂ ) and k = k₁ + k₂ . As you may recall, adding columns to

the X matrix (including additional regressors in the model) gives a positive definite increase in R².

The adjusted R² attempts to avoid this phenomenon of ever-increasing R². Show that the

additional k₂ number of variables (regressors) in this model increases R² if the calculated F-statistic in testing the joint statistical significance of coefficients of these additional

regressors (β₂ ) are larger than one.