Question: Please help me with solving questions ( a) and ( b) . Provide all the steps to get to the final solution. Thanks a lot!

Please help me with solving questions (a) and (b). Provide all the steps to get to the final solution. Thanks a lot!

Consider the linear model y; = 80 + .8192.- + '11.", where y stands for wage, x for education (years of schooling) and u is an error term. Assmning that the three OLS assumptions hold, we want to estimate the parameter '81 using OLS. (a) Derive the OLS estimators for 80 and 31 and interpret them. (b) Show that 31 is unbiased. Is the estimator also consistent

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