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Question 1 You have obtained quarterly data from the ABS for Tasmania from September 1984 to March 2008 for the following variables: EMP, the number of employed persons in thousands EMP, AWE, the average weekly earnings in $ per week, GSP, the Gross State Product GSP TIME, a time trend increasing by 1 per quarter. You have the following OLS regression results in Table 1 from EViews. Table 1 Dependent Variable: AWE Method: Least Squares Sample: 1984Q3 2008Q1 Included observations: 95 Variable Coefficient Std. Error t-Statistic Prob. LOG(EMP) 275.46 69.81 3.95 0.0002 LOG(GSP) 226.14 36.93 6.12 0.0000 TIME 0.91 0.36 2.50 0.0141 C -2783.18 221.25 12.58 0.0000 R-squared 0.988755 Mean dependent var 525.5368 Adjusted R-squared 0.988385 S.D. dependent var 120.6777 S.E. of regression 13.00598 Akaike info criterion 8.009888 Sum squared resid 15393.15 Schwarz criterion 8.117420 Log likelihood -376.4697 Hannan-Quinn criter. 8.053339 F-statistic 2667.247 Durbin-Watson stat 0.610187 Prob(F-statistic) 0.000000 a. Carefully interpret the coefficients of LOG(GSP) and TIME in Table 1. [5 marks] b. Do you think there is any problems with these estimated results? If so why? [5 marks] c. The residuals from the estimation in Table 1 are saved as RESID and the following results in Table 2 obtained. Name and conduct the appropriate test and explain its importance? [5 marks]