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\f6. (20 points) The following model is a simplified version of the multiple regression model used by Biddle and Hamermesh (1990) to study the tradeoff between time spent sleeping and working and to look at other factors affecting sleep. The estimated model is: sleep = 3638.25 - 0.148 x totwrk - 11.13 x educ + 2.20 x age (112.28) (0.017) (5.88) (1.45) n= 706, R2= 0.113 where sleep and totwrk (total work) are measured in minutes per week and educ (education) and age are measured in years. a. Interpret the coefficient on totwrk. Is there a interpretation for the intercept term? (Hint: There is!) b. Is either educor age individually significant at the 5% level against a two-sided alternative? Report the p-values in both cases. Show your work.Consider an economy with two consumers and two goods. Consumer 1 has endowment wl = (11,8) and utility function U1(x) = =3 +2vx]. Consumer 2 has endowment w? = (4,8) and utility function U2(x) = 2 +4\\/x]. (a) Find all Pareto efficient allocations where both consumers consume strictly positive amounts of good 1 and good 2. (b) Argue that any feasible allocation r = (x], r?) where r? = 16 and 12