Part 1: A random sample of cross-section, observational data was collected. The vari- ables X; and Y are measured in "units." Consider the following sample regression function for model 1. Note the standard errors for the parameter estimates appear in parentheses: YA = 7.00 - 1.00X; (1.00) (0.30) R2 =0.04 R= = 0.04 N = 2, 500 1) Interpret B in a sentence. (5 points) 2) Interpret So in a sentence. (5 points)3) Draw a graph of the sample regression function in two-dimensional space. Label Bo and B, in the graph. (5 points) 4) Test whether B is statistically significant. Evaluate using a t-statistic and a critical value. Let ( =0.05. (5 points)