(Answered) Cnsider the following regression model yt beta1 xtbeta2

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Consider the following regression model, y_t = β_1 + x_t^β_2 + u_t, y and x are observed data. β_1 and β_2 are unknown parameters. (u has constant variance with mean 0.) Explain how to estimate the model, i.e., how to achieve the estimates of β_1 and β_2. (Do not just state a general formula.)

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