do not use the Im command in R to run the regression, use the OLS formula instead! Both your detailed solution and your R code need to be submitted in elearning. 1. (Univariate OLS) In order to study the effect of education (educ) on IQ (iq), we have a data set called PS2Earning.tzt, which contains information on 935 individuals. Read in the data set in R and do the following. (a) Using the formulas on slide 19 of Lecture Note 3 to estimate the coefficient a and b in the following model, iqi = a + beduci +ei What is the covariance between educ and the estimated residual? What can you say about the normal equation (see slide 21 of Lecture Note 3)? (b) If we do not include the intercept as in the following model, we can use the the formula = Eir to estimate the coefficient d iqi = d educ; + u; (c) Based on (b), is the mean of the estimated residuals zero, and why? Does the normal equation still hold now? What can you say about the covariance between educ and the estimated residual again? Is it a good idea to get ride