Question: i Consider the following simple linear regression: III{Fl = e ' thl Objective: the objective is to use a sample to estimate Ba and B1

i Consider the following simple linear regression: III{Fl = e "' thl Objective: the objective is to use a sample to estimate Ba and B1 . To do that. we use Ordinary Least Squares Method [OLE]. This is how to estimate Ba and B, using Ordinary,r Least Squares Method: Step 1: compute the mean of X and the mean ot'Y; that re X and '1' Step 2: compute the variance ofX; that ts VAMX] Step 3: compute the covariance between X and Y; that is1 COVIIX, Y) Step 4: compute {i1 using this formula:_ Step 5: compute u using this formula: The coefcient of Determination {R1} i_.__,____..| The following table contains data on X and Y: Consider the following regression line: '1\" =51, + 61114 I. Use Ordinary Least Squares Method to estimate [31: and|31t 2. Compute R1

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