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(i) If our dependent variable y* is measured with error such that the data we observe is y where y = y* + e

(i) If our dependent variable y* is measured with error such that the data we observe is y where y = y* + e and where e is the measurement error, what do we require in order to ensure that we do not get a biased estimate of 3 in the model y* = Bo + Bx + u? What is the expected effect of the measurement error on our standard errors?

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