Class problem set 3You need to show your work. All parts must be done manually without use of a software.Sales Experience ????? ????? ?????22100 172000 203500 282400 223300 322000 165100 403200 183400 253000 20Total:A department store is interested in the relationship between sales and months of experience of its salespeople. A random sample of 10 salespersons is selected and results are presented in the table. Assumingthe following linear relationship, Sales=?0+ ?1Exper+u,1- Estimate the unknown parameters using method of OLS.2- Interpret the parameter estimates.3- Complete the table.4- Calculate SSR, standard error of regression (SER), and standard error of ?????1.5- Calculate the following expression: [SST-?????1(? ???????? ? ??????????????)]. Is it the same as SSR?6- Calculate and interpret R2.7- Test for significance of ?1 at ?=0.05. Calculate and interpret the p-value.
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