Econometrics1. Consider the regression model of:murderratet = ?0 + ?1policebudgett + ?twhere murderratet is the annual murder rate in Bakersfield in year t, policebudgett is the annual police budget in Bakersfield. The data set available has one observation for each of the last 36 years.(a) What assumptions must hold for OLS to give an unbiased estimate of the ?1, the structural effect of increasing the police budget on the murder rate?(b) Which of these assumptions is most likely violated if policebudgett, depends on murderratet-1?(c) What assumptions must hold for OLS to give a consistent estimate of the ?1, the structural effect of increasing the police budget on the murder rate?(d) (Which of these assumptions is most likely violated if policebudgett, depends on murderratet-1?
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