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ECON 3305: Group Assignment 3

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Question;Instruction:Submittwofilesasusual,aWordfilethathasalltheanswersforthequestionsandanExcelfilethathasonlythedataandregressionoutputs.FortheExcelfile,makesureyougivethenameforeachspreadsheetsuchasdata,straightline,quadraticandcubic(4spreadsheetswiththenames).DonotforgettoputthegroupnumberandthenamesoftheparticipantsontheprojectintheWorddocument.ThegroupprojectbelowisQuestion9onpage287,chapter7.Ideletedcertainquestions.Makesureyoureadpp.258260withthespecialattentiontoFigure7.4(thethreedifferentspecificationsofthetotalcostfunction)andpp.295305fromyourtextbook.AndDONOTforgettousemylecturenotecalledEstimatingthecostfunction.Youhavebeenpresentedwiththefollowingcostdataandaskedtofitastatisticalcostfunction:Quantity TotalCost10104.020107.030109.040111.550114.560118.070123.080128.590137.0100150.01. Fitthreepossiblestatisticalcostfunctionstothedata.Usestraightline,quadratic,andcubicformulas.2. Discussthestatisticalresultsyouobtainedinquestion1.IncludeinyourdiscussionR2,thecoefficients,andthestatisticalsignificanceofthecoefficients.Forthestatisticalsignificancetest,usetheptestratherthanthettest.Ifyoudecidetousethettest,youfirsthavetofindthedegreesoffreedomandthenfindtheappropriatecriticaltvalueinTableA.4onpage583.3. Ifthedatarepresent10monthsofproductionforoneplantofaspecificcompany,wouldyouconsiderthistobeashortrunanalysis?4. Howwouldyouranswertoquestion3changeifyouweretoldthatthedatarepresent10differentplantsduringaparticularmonthoftheyear?

 

Paper#55716 | Written in 18-Jul-2015

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