A regression of average monthly expenditure (AME , measured in dollars) on aver- age monthly income (AMI. measured in dollars) using a random sample of college' educated full-time workers earning 100 to 15 million yields the following: m = 710.7 + 8.8 X Ali/H.122 = 0.030.SER = 540.30 :1. Explain what the coefficient values 710.7 and 8.8 mean. I). The standard error of the regression (SER) is 540.30. What are the units of measurement for the SER? (Euros? Or is it unit free?) e. The regression R2 is 0.030. What are the units of measurement for the R2? (Euros? Or is R2 unit free?) (1. What does the regression predict will be the expenditure of a person with an income of 100? With an income of 200? 2. Will the regression give reliable predictions for a person with an income of 2 million? Why or why not? 1'. Given what you know about the distribution of earnings, do you think it is plausible that the distribution of errors in the regression is normal? (Hint: Do you think that the distribution is symmetric or skewed? What is the smallest value of earnings. and is it consistent with a normal distribution?)