Imagine you would like to estimate the effect of the amount of rainfall in a given month in a region on the number of cars that were caught speeding in thatregion in a given month.You have data on both variables for multiple months.For this estimation, you can write down the error term of the econometric model as a¡ + Uit.a) What kind of factors are captured in a;? Give a general explanation and one example of such a factor in the specific context described above.b) What kind of factors are captured in Uit? Give a general explanation and one example of such a factor in the specific context described above.

Solution:- For this estimation , the econometic model as…

Answered: Imagine you would like to estimate the…

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