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The variance of the OLS estimator is VAR( ^B)=σ2 /ns2x , where s2x=£x2/x You're hired to estimate and you're going to be paid according to the accuracy of your estimate. Specifically, your revenue is ¥/std (B). You can buy as many observations as you want at price . The sample variance of , never changes. How many observations should you buy?
Indifference Curve Analysis In the 1930s a group of economists, including Sir John Hicks and sir Roy Allen, came to believe that cardinal measurement of utility was not necess
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Two firms are engaged in Bertrand competition. Both firms have a stable marginal cost of €7. Presently, every firm is allocated half the market. There are 10,000 people in the popu
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What limitations are inherent in the economist’s view of pricing?
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
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