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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Let X1,X2,X3,and X4 be a random sample of observations from a population with mean μ and variance σ2.Consider the following two point estimators of μ:
1 = 0.10 X1 + 0.20 X2 + 0.40 X3 + 0.30 X4,and
2 = 0.25 X1 + 0.25 X2 + 0.30 X3 + 0.20 X4
-Show that both the estimators are unbiased.
Larger Bequest
Pertains to a greater amount of money or property left to someone in a will, highlighting the concept in inheritance and estate planning.
Marginal Tax-Rate
The rate at which the next dollar of taxable income is taxed.
Substitution Effect
The change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution.
Income Effect
The change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
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