Question 2: A statistician wanted to determine whether the demographic variables of age, education and income influence the number of hours spent on social media per week. A random sample of 25 adults was selected to estimate the multiple regression model: y = Bo+ B1*1+ 82x2 + B3*3 + u where y = number of hours spent on social media last week. * = age (year). *2 = number of years of education. *3 = monthly income (in $1000s). The estimation results are shown below: Explanatory variables Coefficients Standard Errors Intercept 22.3 10.7 X1 0.41 0.19 X2 -0.29 0.13 -0.12 0.03 Number of Observation, N = 25 Sum of Squared Residuals, SSR = 426 Total Sum of Square, SST = 653 (a) Write down the Sample Regression Function (SRF) in an equation form and interpret each of the estimated slope coefficients. (4 Marks) (b) Is there sufficient evidence at the 1% significance level to indicate that the number of hours spent on social media is affected significantly by age? Specify all relevant steps of the hypothesis testing procedure