If There Are Two Unbiased Estimators of a Parameter,the One

question 112

True/False

If there are two unbiased estimators of a parameter,the one whose variance is smaller is said to be relatively efficient.

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Definitions:

Quantity Supplied

The total amount of a product or service that producers are willing and able to sell at a given price over a specified period.

Derived Demand

The demand for a factor of production or intermediate good that occurs as a result of the demand for another product or service.

Factor of Production

Inputs used in the production of goods or services in the process of wealth creation, including labor, capital, land, and entrepreneurship.

Human Capital Development

Refers to the process of improving an individual's skills, knowledge, and abilities, typically through education and training, to enhance their productivity and potential in the workforce.