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Question 2B.24 Explain how the variety of products produced by an industry affects the degree of market power enjoyed by a firm. [4]The Cox proportional hazards model is to be used to model the rate at which students leave a certain profession before qualification. Assuming they stay in the profession, students will qualify three years after joining the profession. In the fitted model, the hazard depends on the time, t, since joining the profession and three covariates. The covariates, their categories and the fitted parameters for each category are shown in the table below: Covariate Possibility Parameter Size of employer large 0 small 0.4 Degree studied none 0.3 Science -0.1 Arts 0.2 other 0 Location London 0 other UK -0.3 overseas 0.4 (i) Defining clearly all the terms you use, write down an expression for the hazard function in this model. [3] (ii) State the class of students that is most likely to proceed to qualification under this model, and that which is least likely. [2] (iii) A student who has been in the profession for one year moves from a "small" employer to a "large" employer. Express the probability that he will qualify with the "large" employer P in terms of the probability that he would have qualified if he had stayed with the "small" employer Ps, all other factors being equal. [2] [Total 7]