Model 2: OLS, using observations 1-158 Dependent variable: cost Coefficient Std.

Question

Model 2: OLS, using observations 1-158 Dependent variable: cost Coefficient Std. Error tratio -value 0.3347 0.0001 0.0001 86 2.29906 0967 0.00434763 0.00023094118.83 const 2.22486 1.63160e-08 2.79915e-09 5.829 Mean dependent var Sum squared resid R-squared F(2, 155) Log-likelihood Schwarz criterion 53.26996 S.D. dependent var 63867.60 S.E. of regression 0.946328 Adjusted R-squared 1366.447 P-value(F) 87.05933 20.29899 0.945635 3.59e-99 1402.696 1406.427 -698.348 Akaike criterion 1411.884 Hannan-Quinn

Explanation / Answer

c) Y = a+bx+e
Cost = 2.23+0.00434763*q+e
i) Fixed Cost = constant = 2.23
ii) Average total cost = TC/Q = (2.23+0.00434763*q)/q
iii) Marginal Cost = coefficient of q = 0.00434763

2.23+0.00434763*q+e

d)

Q

TC

FC

ATC

MC

24

2.334

2.23

0.097

25

2.339

2.23

0.094

0.004348

Q

TC

FC

ATC

MC

24

2.334

2.23

0.097

25

2.339

2.23

0.094

0.004348

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