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

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

Consider the linear model y1 = :3) + 619:.- + m, where 3: stands for wage, x for education (years of schooling) and u is an error term. Assuming that the three OLS assumptions holdI we want to estimate the parameter 8; using OLS. (a) Derive the OLS estimators for 60 and 81 and interpret them. (b) Show that .81 is unbiased. Is the estimator also consistent? (c) Derive the standard error of .31 and the 95% condence interval for the parameter 61 assuming homoskedasticity, i.e., that E(u1.2|z,-) = 0'2

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