Assume that you are using observational data on a large sample of individual households consumption behavior in the United States. You have been asked to use this data to determine how the amount of money the household uses to purchase streaming services (like Netflix, Hulu, Peacock, etc.) is determined by the number of people in the household. Let Y = household purchases of streaming services, and X = number of people in the household. 1. Write down the equation for the bivariate regression model that you have been asked to investigate. 2. It seems likely that this bivariate regression would suffer from endogeneity. Briefly explain what this means in the context of this regression model. In particular, what must be true about the relationships between the dependent variable, the independent variable, and/or the error for there to be endogeneity? The best answer would include both a general definition or discussion of the endogeneity problem AND a particular example of why endogeneity might be a problem in the context of this example. Assume that you are using observational data on a large sample of individual households consumption behavior in the United States. You have been asked to use this data to determine how the amount of money the household uses to purchase streaming services (like Netflix, Hulu, Peacock, etc.) is determined by the number of people in the household. Let Y = household purchases of streaming services, and X = number of people in the household. 1. Write down the equation for the bivariate regression model that you have been asked to investigate. 2. It seems likely that this bivariate regression would suffer from endogeneity. Briefly explain what this means in the context of this regression model. In particular, what must be true about the relationships between the dependent variable, the independent variable, and/or the error for there to be endogeneity? The best answer would include both a general definition or discussion of the endogeneity problem AND a particular example of why endogeneity might be a problem in the context of this example