1. estimate a linear cost function 2. estimate a quadratic cost function 3. estimate a cubric...

Question

Question

1. estimate a linear cost function

2. estimate a quadratic cost function

3. estimate a cubric cost function

business economics

Answer 1

Answer #1

Answer

The graph is drawn below which is made on excel .Using the add trendline feature the equation linear ,quadratic ,cubic can be estimated .

Folowing is the lienar trend with equation written on it

200000 y = 6776.4x - 36975 R2 = 0.758 150000 100000 -Series1 -Linear (Series1) -Linear (Series1) 50000 0 0 5 10 15 20 25 -500

Folowing is the Quadratic trend with equation written on it

60000 50000 y = 408.29x2 -7698x + 34543 40000 30000 -Series1 – Poly. (Series1) 20000 10000 0 0 5 10 15 20 25 -10000

Folowing is the cubicr trend with equation written on it

60000 50000 40000 y = 31x2 - 800.71x2 + 6983.6x-2014 R2 = 0.9998 30000 -Series1 – Poly. (Series1) 20000 10000 0 0 5 10 15 20

We can see that cubic equation satisifed it as R square value is near one .This is the best estimating equation of the data given .

Have a good day !

Answer 2

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