Suppose you run an 0L5 regression of wage on education. The following table contains information on the actual wage. the tted wage, and the residual

Suppose a dependent variable depends only on a constant (β0), so your model is: yi=β0+ui where ui is an error term. Derive the OLS estimator for β0

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HINT: In order to derive the estimator, you will need to set up a minimization problem and use calculus to find the estimator that minimizes the sum of squared residuals.