Provide detailed step-by-step solution

1. We observe a joint i.i.d. sample of two random variables X and Y: {(X,, 12)}:3". (a) Consider the following model: Yi = My + 53M where y is a parameter and Ew- is the error term. What is the OLS estimator, denoted y, for My? (b) Consider the following model: Xi = M; + m,i where am is a parameter and 5,5,,- is the error term. What is the OLS estimator, denoted m, for (0) Consider the following model: y,i = 5 ' 3m + W where Ew- and EW- are the residuals from part (a) and part (b) regressions respectively, and u, is the error term. What is the OLS estimator, denoted B, for 5? Comment