An isocost line shows
A) combinations of the two inputs that result in the same profit for a firm.
B) the different levels of total cost that result from various combinations of two inputs.
C) combinations of two inputs that result in the same total cost for a firm.
D) combinations of two inputs that result in the same total output for a firm.
C
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Sue is taking an accounting job she was offered that pays $67,000 per year. She also had two other offers, a sales job paying $71,000 per year and a marketing job paying $65,000 per year. What is Sue's opportunity cost of taking the accounting job?
A) $65,000 B) $67,000 C) $71,000 D) $136,000
The GLS estimator
A) is always the more efficient estimator when compared to OLS. B) is the OLS estimator of the coefficients in a transformed model, where the errors of the transformed model satisfy the Gauss-Markov conditions. C) cannot handle binary variables, since some of the transformations require division by one of the regressors. D) produces identical estimates for the coefficients, but different standard errors.