Suppose you are given the following simple dataset, regress Y on X: y=β0+β1x+u X Y 1 2 2 5 5 7 4 6 1) Calculate and . Show algebraic steps. 2) Interpret and 3) Calculate the predicted(fitted) value of each observation 4) Calculate the residual of each observation 5) When x=3, what is the predicted value of Y? 6) Calculate SSR, SST, and then SSE. 7) Calculate R-squared. 8) How much of the variation in Y is explained by X?