Answer the following questions: a. Related to the problem of censoring the data on the dependent variable, there are the

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Answer the following questions:
a. Related to the problem of censoring the data on the dependent
variable, there are the terms no censoring data, latent variables,
censored data and truncated data. Explain about these things, and
illustrate using pictures. (8 points)
b. What are the disadvantages of the Ordinary Least Square (OLS)
regression model when compared to the Tobit regression model for
regression with censored samples? Illustrate using examples. (8
points)
c. What are the similarities and differences between regression
models with censored and truncated samples? Illustrate using
examples. Which type of regression model is more efficient? (9
Points)