Use the regression results below to answer the following two questions: Using th

Question

Use the regression results below to answer the following two questions:

Using these results, calculate the Q, AP, and MP for L = 8 workers.

Select one:

a. Q = 1,717; AP = 214.7; MP = 155.6.

b. Q = 1,984; AP = 202.1; MP = 54.0.

c. Q = 1,713; AP = 214.1; MP = 153.7.

d. Q = 48.89; AP = 6.11; MP = 12.76.

R Square 0.9961 Adjusted R Square 0.8521 Coefficients Standard Error t Stat P-value Intercept 0 #N/A #N/A #N/A L -10.322 42.955 -0.240 0.817 L^2 63.660 12.000 5.305 0.001 L^3 -4.451 0.782 -5.688 0.001

Explanation / Answer

Q = -10.322 *L+63.660*l^2-4.451*l^3

at L = 8

Q = 1712.752 = 1713

AP = Q/L = 1712752/8 = 214.094

hence

c. Q = 1,713; AP = 214.1; MP = 153.7.

option C) is correct

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