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2#
发表于 2011-7-11 18:22
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@souljive99:
Q1.
Both the methods you described are technologically efficient. There can be more than 1 methods which are technologically efficient.
What technological efficiency means is that you use lowest amount of PARTICULAR inputs. So, the machine uses least amount of labour and the workers use least amount of machinery. Here each is using the lowest amount of particular inputs in either case.
Suppose we were to introduce 2 more cases, case C, with 250 hours of machine and 250 hours of labour, and case D with 250 hours of machines, 2500 hours of labour, Case D will be the only one which will be technologically inefficient.
Also, what Schweser says is correct. A technologically inefficient method can never be economically efficient. Besides, its just a matter of cost which is deciding which method can be economically efficient. So the costs can be structured to show each (A,B,C) as efficient but not D.
Q2.
T-Distribution and Normal Distribution are two different things.
A T-Distribution always REACHES towards Normal as degrees of freedom increase, but generally NEVER EXCEEDS it, while a leptokurtic distribution is more peaked (the tip of leptokurtic distribution EXCEEDS the tip of normal distribution)
Thus you always see statements like T-Distribution (or t-statistic) is more conservative than Normal Distribution (z-statistic) as t isn't exceeding z and thus is covering much more area under which your expected mean could lie.
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smileyface is gonna clear the CFA L2 Exam on 5th June, 2011. And making this statement won't be a violation of Code of Ethics since its a fact. ;-)
Edited 1 time(s). Last edit at Saturday, May 29, 2010 at 09:42PM by smileyface. |
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