(a) Measurement error in variables is a serious problem in econometric studies. Find out the consequences of measurement errors in i) dependent variable and ii) independent variables.

Measurement error in variables is a common issue in econometric studies, and it can have serious consequences for the validity and reliability of the results. There are two main categories of measurement errors: errors in the dependent variable (also known as the outcome or response variable) and errors in the independent variables (also known as the predictor _______ _________ ____ __________ _________ __________ _______ __________ _______ _____ _______ ________.
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