What is estimation process and what is rationale behind it, Microeconomics

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What is estimation process and what is rationale behind it

Problem

1. What is the estimation process? What is the rationale behind it and how would it be different in estimating the cost in estimating the output?

2. What is the epistemic model and how appropriate is it for a CES production function to represent such a model in a matter of the empirical estimation?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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