SLIDE 6 - !"#$%&'()"#*$+,)#-$....

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1 ! "#$%&'()"#* $ +,)#-$ / 0+&12"03 4! "#()#%15 6 / 170%+08 9: ;<== February 9, 2011 2 7 +$)!$ Model Structure ± (>?@A>B@ CD @E@BFG ± #CFHF>CB ± ! = IJ C B G K ? L F > C B > B L @ M > C N = ± ! ; C B G K ? L F > C B > B L @ M > C N ; ± " = IB C ? > B H A L M > J @ C D J C B G K ? L F > C B > B L @ M > C N = ± " ; C ? > B H A L M > J @ C D J C B G K ? L F > C B > B L @ M > C N ; ± # = C ? > B H A > B J C ? @ > B L @ M > C N = 4 O D H A A G D M C ? F P @ G Q R S 6 ± # ; C ? > B H A > B J C ? @ > B L @ M > C N ; 4 O D H A A G D M C ? F P @ G Q R S 6 ± $ < C ? > B H A T @ H A F P H F F P @ U @ V > B B > B V C D L @ M > C N = W @ B N C D L @ M > C N < ± $ = C ? > B H A T @ H A F P H F F P @ U @ V > B B > B V C D L @ M > C N ; W @ B N C D L @ M > C N = ± $ ; C ? > B H A T @ H A F P H F F P @ U @ V > B B > B V C D L @ M > C N X W @ B N C D L @ M > C N ; ± % C ? > B H A > B F @ M @ G F M H F @ U @ F T @ @ B L @ M > C N G ± & IM @ H A > B F @ M @ G F M H F @ U @ F T @ @ B L @ M > C N G ± Ⱥ ; @ F > B D A H F > C B M H F @ U @ F T @ @ B L@M>CN = HBN L@M>CN ; ± ' = @ H A > B J C ? @ > B L @ M > C N = 4 Y # = W " = 6 ± ' ; @ H A > B J C ? @ > B L @ M > C N ; 4 Y # ; W " ; 6 21 2 2 11 1 PP P PP S §· ± ± ¨¸ ©¹
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2 February 9, 2011 3 ! "#$#"% Model Structure ± &'()('(*+(, ! . " / 0 " 1 2 3456 788 56( 9:,:78 ;'<;('54(,= ± $4)(54>( :54845? ):*+54<* ± @5'4+58? 4*+'(7,4*A 4* " / ± @5'4+58? 4*+'(7,4*A 4* " 1 ± B4>4*4,64*A >7'A4*78 :54845? 4* " / ± B4>4*4,64*A >7'A4*78 :54845? 4* " 1 ± &8<55(C 7, 4*C4))('(*+( +:'D(, ± !54845? ,4C( <) +<*,:>;54<*E,7D4*A, )'7>(3<'F 4C(*54+78 5< G67;5(' / )'7>(3<'F + / :.+ / 0+ 1 2 + 1 :.+ / 0+ 1 2 + 1 + / February 9, 2011 4 H !BIJ" G KL@"MN#L".@2 ± @:;;<,( 7A74* # % )788, )'<> 56( ,F?= ± # / 4* ;('4<C /0 # 1 4* ;('4<C 1 ± L((C 53< O:CA(5 +<*,5'74*5, 5< C(,+'4O( (+<*<>4+ <;;<'5:*454(, 7*C ;<,,4O48454(, ± K*( )<' (7+6 ;('4<C ± &('4<CE/ O:CA(5 +<*,5'74*5 ± &('4<CE1 O:CA(5 +<*,5'74*5 11 1 1 0 (1 ) P cAY i A ± ±± "<578 (P;(*C45:'( 4* ;('4<C /Q ;('4<CE/ +<*,:>;54<* R 3(7856 5< "&''( )*+, -.'),/ 1 "<578 4*+<>( 4* ;('4<C /Q ;('4<CE/ # R 4*+<>( )'<> 3(7856 "&'')./ )*+, -.'),/ / .4*+8:,4D( <) 4*5('(,52 22 2 2 1 ) P i A "<578 (P;(*C45:'( 4* ;('4<C 1Q ;('4<CE1 +<*,:>;54<* R 3(7856 5< "&''( )*+, -.'),/ S "<578 4*+<>( 4* ;('4<C 1Q ;('4<CE1 # R 4*+<>( )'<> 3(7856 "&'')./ )*+, -.'),/ 1 .4*+8:,4D( <) 4*5('(,52 1 0 1 0 P cAAYi A ± ² ± 2 1 2 1 P A ± 0&1)*23 C:'4*A ;('4<C / .7 )8<32 0&1)*23 C:'4*A ;('4<C 1 .7 )8<32 N,,(5 4*+<>( C:'4*A ;('4<C / .7 )8<32 N,,(5 4*+<>( C:'4*A ;('4<C 1 .7 )8<32 BJT#L#"#KLQ N +<*,:>('U, ,7D4*A, C:'4*A 7 A4D(* ;('4<C 4, 56( "4&*2. 4* 64, 3(7856 C:'4*A 5675 ;('4<C +7* '(3'45( 7, +7* '(3'45( 7,
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3 February 9, 2011 5 ! "#$%& ( )*+&,-.*&/+0 Model Structure ± -1234 5 678947:9 ;79< 28 4=9 >?1@94 A2BC4D57B4/C0 ± -66 5B56EC7C A2B1?A491 8D2: 39DC39A47;9 28 >9@7BB7B@ 28 39D721 F ± G9D721HF >?1@94 A2BC4D57B4 ± G9D721HI >?1@94 A2BC4D57B4 ± (2:>7B9 7B42 678947:9 >?1@94 A2BC4D57B4 /J!(0 ± +26;9 39D721HI >?1@94 A2BC4D57B4 82D !
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This note was uploaded on 10/25/2011 for the course ECON 325 taught by Professor Chugh during the Spring '08 term at Maryland.

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SLIDE 6 - !&quot;#$%&amp;'()&quot;#*$+,)#-$....

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