Question: 2 parts to this question. 4. (6 points) Using the 526 observations on workers in Alaska, we include educ (years of schooling) in an equation

2 parts to this question.

4. (6 points) Using the 526 observations on workers in Alaska, we include educ (years of schooling) in an equation explaining log(wage): log( wage) = 0.43 + 0.0077educ n = 526, R2 = 0.158 (a) Interpret the effect of education on wage clearly (3 points). (b) Explain the meaning of R2 = 0.158clearly (3 points)

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