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Given the true model is: ?? = β1 + β2X2? + β3X3? + u? where: Y?=...

Given the true model is: ?? = β1 + β2X2? + β3X3? + u? where: Y?= consumption expenditure, X2?= disposable income, X3?= accumulated wealth. Suppose you mistakenly added an irrelevant variable (X4? ) to the model. Discuss the possible consequences of such misspecification.

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