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3. (30 points) Consider the regression model '9' = 59 + 510:1 + + ,Bkask = e where y is the observed values, .761, ".mk a series of nonstochastic predictors, ,80, [31, ..., ,Bk unknown parameters, and c, a random error. a. What are the assumptions made when specifying the model above? b. Describe the method most commonly used to estimate the parameters in the linear regression model. c. What are the most important properties of the estimates you described in question b