Consider the following regression model Y =B + BX + B 3 X + B4X3 + U Multicollinearity may be exist among the three explanatory variables used in this regression. The results of correlation matrix are given as follows. X1 X2 X3 i. ii. i11. Y 0.4 0.6 0.7 TABLE 2: Correlation matrix X2 X1 1.0 0.8 0.2 1.0 0.4 X3 1.0 From the above correlation matrix table, do these correlations provide sufficient evidence to conclude that multicollinearity occurs? Justify your answer (3 marks) Briefly explain TWO (2) effects onto the regression model if such problem exists. (4 marks) Explain TWO (2) other ways to detect multicollinearity.(4marks)