Suppose that independent observations r1, r2,..., a, are available from the Pareto distribution with pdf f(r|3) = on r> 1, with 3> 0. (a) Show that the log-likelihood is E(3) = n log 3 - (3+ 1)log r. (b) Find ('(3) and hence show that the candidate MLE is 3= Liz log X, (c) Confirm that B is indeed the MLE of 3. (d) Explain why 3>0, as one would hope given that 3> 0.