(Solved): when we estimate a linear model via ols explain the consequences of omitting a variable that is rele ...

when we estimate a linear model via ols explain the consequences of omitting a variable that is relevant to the model. In particular, answer the following questions in part a) and b); a) are the standards errors correct under this scenario explain. what are the conditions in which the parameters are biased and the conditions in which the parameters estimates are unbiased? When we estimate a linear model via OLS, explain the consequences of including an irrelevant variable in the model