![]() ![]() This is easy to figure out using the estimated coefficients of □ and □. Moreover, we can also assess whether the data shows constant, increasing or decreasing returns to scale. Here, the estimated coefficients of the model represent the parameters of the Cobb Douglas production function. This equation can be easily estimated using OLS or Ordinary Least Squares. Alfred Marshall: Contributions to Economics.David Ricardo: Contributions and Legacy.Mann Whitney U Test: Wilcoxon Rank Sum Test.Fei and Ranis Model of Structural Change.Life-cycle hypothesis: Ando and Modigliani.Difference between Microeconomics and Macroeconomics.Market Equilibrium, Shifts and Role of Elasticity.Types of Elasticity and their Measurement.Simultaneous Equilibrium of Consumers and Producers.Multi-product Firm and Production Contract Curve. ![]() Multi-product firms and simultaneous equilibrium.Producer Equilibrium: Isoquants, Isocost line and Expansion.Short-run Costs: Total, Average and Marginal Costs.Technical Progress and Economic Zone of Production.Production Function: Definition and Types.Isoquants and Returns to Scale: Long-run Production.Law of Variable Proportions: Short-run production.Theory of Costs, Production and Producer Equilibrium.Income and Substitution Effects: Hicks and Slutsky Methods.Demand, Income-Consumption and Engel Curves.Indifference Curves and Ordinal Utility Analysis.Cardinal Utility Analysis and Law of Diminishing Returns.Microeconomics Microeconomic Theory and Application.VAR in R: Estimation, Goodness and IRFs.Wu-Hausman Test: Choosing between Fixed and Random Effects.Lagrange Multiplier Test: testing for Random Effects.Goodness-of-fit for Logit and Probit Models.Information Criteria (AIC/SIC) and Model Selection.Robust Standard Errors and OLS Standard Errors.Goldfeld Quandt Test for Heteroscedasticity. ![]()
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