QUESTION THREE a) A researcher is trying to model the level of UK personal consumption expenditure i.e. the total amount spent by households on goods and services for consumption. Using quarterly data from quarter I 1997 to quarter 4 2019, the following regression model is estimated (with r-ratios given below in parentheses): Gr=-56065+1102 time + 403102 +1003903 +1505204, (-3.68) (1986) (1.13) (2.82) (4.18) where is UK personal consumption expenditure in millions of s, time is a linear trend variable, Q2, is a dummy variable that equals 1 in the second quarter of each year and zero otherwise, Q3, is a dummy variable that equals 1 in the third quarter of cach year and zero otherwise and 04, is a dummy variable that equals I in the fourth quarter of each year and zero otherwise. D) Interpret and discuss the estimated values of the regression coefficients on the dummy variables 22,Q3 and 24 (10 marks) 11) Using the t-ratios given above, determine whether there is evidence of significant seasonality in UK personal consumption expenditure. Clearly explain how you reach your conclusion (10 marks) m) Using two separate equations, write the estimated regression model that applies in the second quarter of each year and the regression model that applies in the third quarter of cach year (10 marks)