Question: 10. Explain what is meant by (a) an omitted variable and (b) an irrelevant variable. Explain the consequenceso f omitted and irrelevant variablesf or the

10. Explain what is meant by

(a) an omitted variable and

(b) an irrelevant variable.

Explain the consequenceso f omitted and irrelevant variablesf or the properties of the leasts quarese stimator.

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