. Use the job search model to simulate some data. Suppose that the wage offer is independently drawn from a lognormal distribution with mean µ and variance σ 2 . Suppose that µ = 1, σ 2 = 2, and c =...

. Use the job search model to simulate some data. Suppose that the wage offer is independently drawn from a lognormal distribution with mean µ and variance σ 2 . Suppose that µ = 1, σ 2 = 2, and c = 0.5. The structural parameter to be estimated is β. Let the true value is β0 = 0.98. Construct the likelihood of the sample and plot it against different possible values of β. Find the ML estimate of β by varying the sample size