Please help with this homework assignment. See additional pictures for scatterplot and spreadsheet. Thank you.

The consumption function is one of the key relationships in economics, where consumption y depends on disposable income x. The accompanying data file shows quarterly data for these seasonally adjusted variables, measured in billions of dollars. a-1. Estimate y = Bo + Bix + E. Note: Round your answers to 2 decimal places. X Scatterplot of residual against time is shown below. a-2. Using the above plot, determine if there is a possibility of correlated observations, multiple choice 1 There is a possibility of positive serial correlation. There is a possibility of negative serial correlation. Serial correlation is unlikely. b. Discuss the consequences of serial correlation (correlated observations). multiple choice 2 OLS estimators and their standard errors are both biased. OLS estimators are biased but their standard errors are unbiased. OLS estimators are unbiased but their standard errors are biased.FB X v fell I A C D E F G H 1 Quarter Consumptionme Time 1/1/10 10039.54 11085.04 4/1/10 10131 21 11280.84 7/1/10 10221.29 11380.85 10/1/10 10350.65 11512 1/1/11 10485,81 11731.09 4/1/11 10611.65 11820.52 7/1/11 10704.53 11931.72 9 10/1/11 10761.15 12007.87 10 1/1/12 10921.86 12316.02 11 4/1/12 10963.64 12460.24 10 12 7/1/12 11015.59 12405.44 11 13 10/1/12 11124.32 12820.61 12 14 1/1/13 11222.59 12352.28 13 15 4/1/13 11240.74 12452.48 14 16 7/1/13 11332.03 12558.12 15 17 10/1/13 11473.73 12658.69 16 18 1/1/14 11572.8 12894.84 17 19 4/1/14 11756 27 13131.16 18 20 7/1/14 11916.56 13320.56 19 21 10/1/14 12045.15 13481.78 20 22 1/1/15 12099.64 13622.14 21 23 4/1/15 12254.94 13728.39 22 24 7/1/15 12388.61 13857.62 23 25 10/1/15 12446.29 13927.44 24 26 1/1/16 12552.49 14045 25 27 4/1/16 12707.06 14119.41 26 25 7/1/16 12840 84 14245.61 27 20 10/1/16 12978 32 14400.83 28 1/1/17 13152.44 14632 18 29 4/1/17 13240.94 14827.OH 30 7/1/17 13371 75 14983 37 31 10/1/17 13595.65 15167.26 34 1/1/18 13755.93 15461.76 33 4/1/18 13939 69 15686.04 14 7/1/18 14085 95 15876.02 35 37 10/1/18 1419268 16040,63 36 1/1/19 14277 10 16195-89 4/1/15 14497 57 16256 94 40 7/1/19 14645 46 16401 59 35 41 10/1/15 14760.11 16589.22 AD Consumption + tan TE. Accessibility Good to goScatterplot of residual against time is shown below. 200 100- Residuals -100 200 - 300 5 10 15 20 25 Time