Please answer True or False to the following: A researcher estimated the following housing demand equation: Quantity of Housing demand = -0.25 + 1,03 Price -2.78 Income R2 = 0.98 Please answer True or False to the questions below based on the above. 1. ________ The estimated equation confirms the law of demand. 2. ________ The equation shows that housing is an inferior good. 3. _________ Housing demand is price elastic because the estimated coefficient on price is greater than 1. 4. ___________ The equation above is very useful for housing demand analysis because the explanatory power of the model (0.98) is very high. 5. ____________ The estimated coefficients on price and income are good because the model has a high R2.