5. Oligopoly Oligopoly: Small number of firms: Firms depend on each other. Identical products: Firms jointly face a downward sloping industry demand No entry: Long-run positive profits are possible

Ch. 21 Univariate Unit Root process 1 Introduction Consider OLS estimation of a AR(1)process, Yt= pYt-1+ut where ut w ii d (0, 0), and Yo=0. The OLS estimator of p is given by and we also have

Chapter 7 Translation Translation is the conversion of the information in the nucleic acid sequence to polypeptides of a specific amino acid sequence

一、 hnRNA 二、pre- mRNAS 三、 hnRNP 四、 snRNPs 五、pre- mRNA processing

Equilibrium price. Equilibrium allocation: x=xi(p,p·w2), Note: A p* for any >0 is also an equilibrium price. Offer curve: (p)(p, p. w;). The equilibrium is the intersection point of the offer curves. Excess demand function:

LAW OF ITERATED EXPECTATIONS Law of Iterated Expectations Theorem 1 Law of iterated expectation.s The notation Er[ indicates the expectation over the value of a Example

Expectations and Conditional Expectations Definition 1 Discrete Random Variable random wariable is discrete f the set of outcomes is either finite in number or countably

Review Conditional pdf Let(Y1,., YN) have joint pdf f(31,.. JN). Let f(3J+1, .. yN)be the marginal pdf of(y+1,……,YN). The conditional pdf of y1,…, Y, given y+1,…, YN is defined by

Review Problems for Midterm 1 Least Squares 1. In the linear regression model

Chapter 7 Functional Form and Structural Change 7.1 Using binary variable Example 1 Earnings equation for married women