Consider the following R-Studio code:
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b1hat[i] If you run this code:
(a) Give the full expression of the data generation process represented in this code.
(b) How many estimates of the beta 1 parameter is this code producing?
(c) Draw what you think would be the density histogram obtained with all the beta 1 estimates. Don’t forget to label the axis! Indicate with a black dot where the distribution would be centered approximately. No need to justify.
(d) Explain verbally how you would modify this code to illustrate the consistency of the OLS estimator. Your answer needs to include the modied version of the line(s) which you would change. Justify.
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