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Please help me with this queston 1. Researchers are interested in determining the effect of income on monthly grocery expenditures (MGE). The average income in

Please help me with this queston

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1. Researchers are interested in determining the effect of income on monthly grocery expenditures (MGE). The average income in the population is $5000 per month. Suppose that the true values of the intercept and slope prior to the pandemic were $400 and .10 respectively. a. What is the average MGE in the population? b. Write the equation for the Population Regression Model for this population. Write this equation as a function of the error. (i.e., with the error on the left-hand side). Briefly explain what this error means. c. Write the Population Regression Function (PRF) for your model. Show this on a graph. Be sure to label both axes as well as the intercept. What is the average level of consumption for a family with $6000 monthly income? Show this on your graph. cl. Suppose a family with $6000 monthly income spends $1200 per month on groceries. What is the error for this family? Show this on your graph. e. Indicate the average MGE for the population on your graph. If the basic model (i.e., without income) is used, what is the error for this family? f. Compare this error with the error from the regression model. Show this on your graph

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