Please solve 2.7 in its entirety, thanks! **Educational Content: Regression Analysis and Estimations**### Exercise 2.7We have 2008 data on \( y = \) income per capita (in thousands of dollars) and \( x = \) percentage of the population with a bachelor's degree or more for the 50 U.S. states plus the District of Columbia, totaling \( N = 51 \) observations. The data is used for a simple linear regression of \( y \) on \( x \).**a.** Estimated error variance is \( \hat{\sigma}^2 = 14.24134 \). What is the sum of squared least squares residuals?**b.** The estimated variance of \( b_2 \) is 0.009165. What is the standard error of \( b_2 \)? What is the value of \( \sum(x_i - \bar{x})^2 \)?**c.** The estimated slope is \( b_2 = 1.02896 \). Interpret this result.**d.** Using \( \bar{x} = 27.35686 \) and \( \bar{y} = 39.66886 \), calculate the estimate of the intercept.**e.** Given the results in (b) and (d), what is \( \sum x_i^2 \)?**f.** For the state of Georgia, the value of \( y = 34.893 \) and \( x = 27.5 \). Compute the least squares residual, using the information in parts (c) and (d).### Exercise 2.8Professor I.M. Mean prefers to use averages. When fitting a regression model \( y_i = \beta_1 + \beta_2 x_i + e_i \) using the \( N = 6 \) observations in Table 2.4 from Exercise 2.3, \( (y_i, x_i) \), Professor Mean calculates sample means (averages) for the first three and second three observations in the data:\[\bar{y}_1 = \sum_{i=1}^{3} y_i/3, \quad \bar{x}_1 = \sum_{i=1}^{3} x_i/3, \quad \bar{y}_2 = \sum_{i=4}^{6} y_i/3, \quad \bar{x}_2 = \sum_{

a) We will compute sum of squared least square residuals ,RSS We know, σ2^ =RSSN-2…

2.7 We have 2008 data on y = income per capita (in thousands of dollars) and x = percentage of the popu- lation with a bachelor's degree or more for the 50 U.S. states plus the District of Columbia, a total of N = 51 observations. We have results from a simple linear regression of y on x. a. The estimated error variance is ² = 14.24134. What is the sum of squared least squares residuals? b. The estimated variance of b₂ is 0.009165. What is the standard error of b₂? What is the value of Σ(x₁ - x)²? c. The estimated slope is b₂ = 1.02896. Interpret this result. d. Using x = 27.35686 and y = 39.66886, calculate the estimate of the intercept. e. Given the results in (b) and (d), what is Σx?? f. For the state of Georgia, the value of y = 34.893 and x = 27.5. Compute the least squares residual, using the information in parts (c) and (d).