(20 points) Evaluate the following demand function for strawberries using data from 60 markets. There are two models for this exercise. Q = quantity of strawberries (thousand pounds), PS = price of strawberries, PM = price of mango, PB = price of blackberries and Y = income. Model 1: In(Q:) 8 +0.60 In(PSt) + 4.0 In (PMt) + 3.0 In (Y) std. errors: (0.10) (2.2) (1.2) t-stat: (6.0) (1.8) (2.5) N= 60 adj-R2=0.63 a. Are there obvious signs of: Omitted variable bias? Yes, no, maybe? Why? Irrelevant variables? Yes, no, maybe? Why? (20 points) Evaluate the following demand function for strawberries using data from 60 markets. There are two models for this exercise. Q = quantity of strawberries (thousand pounds), PS = price of strawberries, PM = price of mango, PB = price of blackberries and Y = income. Model 1: In(Q:) 8 +0.60 In(PSt) + 4.0 In (PMt) + 3.0 In (Y) std. errors: (0.10) (2.2) (1.2) t-stat: (6.0) (1.8) (2.5) N= 60 adj-R2=0.63 a. Are there obvious signs of: Omitted variable bias? Yes, no, maybe? Why? Irrelevant variables? Yes, no, maybe? Why