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1. (27 points) You have the following small dataset with information on ACT scores and college GPA for five students. Suppose you would like to estimate the following simple regression: GPA=0+1ACT+u 1.1. What is the slope estimate, ^1 ? 1.2. What is the intercept estimate, ^0 ? 1.3. By how much does predicted GPA change if the ACT score is increased by 3 points? 1.4. At what ACT score is predicted GPA equal to 3.5 ? 1.5. What is the fitted value for student 2 ? 1.6. What is the residual for student 1 ? 1.7. What is the error term for student 1 ? (a) It is the same as the residual for student 1. (b) It is unknown. 1.8. What is the average of the residuals, 51i=15u^i ? 1 1.9. The sum of the squared residuals is 0.188. What is R2 ? 1. (27 points) You have the following small dataset with information on ACT scores and college GPA for five students. Suppose you would like to estimate the following simple regression: GPA=0+1ACT+u 1.1. What is the slope estimate, ^1 ? 1.2. What is the intercept estimate, ^0 ? 1.3. By how much does predicted GPA change if the ACT score is increased by 3 points? 1.4. At what ACT score is predicted GPA equal to 3.5 ? 1.5. What is the fitted value for student 2 ? 1.6. What is the residual for student 1 ? 1.7. What is the error term for student 1 ? (a) It is the same as the residual for student 1. (b) It is unknown. 1.8. What is the average of the residuals, 51i=15u^i ? 1 1.9. The sum of the squared residuals is 0.188. What is R2