The question I need assistance with is attached below

QUESTION 3 (34 marks): Consider an econometric model where two variables Y and X are jointly determined by the following equations Y = Bj +3,X+B,Z+U (7) X = altaY +V. (8) The Greek letters denote unknown parameters, U and V are model errors, mutually un- correlated, with zero mean, and Z is an erogenous variable, independent of the errors. a. (4 marks) Explain with detailed arguments, whether B, are 02 identified under the information provided in the problem presentation.b. (12 marks) Demonstrate that the OLS estimate of oz in the equation (8) is asymp- totically biased in general. Which would be your conclusion if B, = 0? Which would be your conclusion if 028, = 1?The reduced form relationship is undefined. c. (5 marks) Explain with detailed arguments whether there is any valid instrument to estimate 02. If your answer is positive, demonstrate that the corresponding instru- mental variable (IV) estimate is consistent.d. (7 marks) Demonstrate that the two stage least squares (2SLS) estimate of 02 is identical to the IV estimate in c. Recall that the 2SLS estimate is the OLS estimate of oz in model (8) when Y is replaced by its predicted (fitted) values by OLS in the reduced form equation Y = 71+ 72Z + W. where W is an error term (the Greek letters continue to be parameters)