4. Introduction to OLS 1. A scatterplot of 2. A regression 3. Interpreting the wage versus edu... equation for wage regression equa... and education STEP: 2 of 3 Suppose that you seek to continue to study the effect of education on wages. You propose the following statistical model to explain the relationship between the two economic variables: WAGE = Po + PI EDUC; + ; where WAGE is the hourly wage of person i (i.e., any one particular individual) and EDUC; is the number of years of education for that same person. El represents factors other than education that may influence wage. This model is known as a regression. In this regression, WAGE is the variable, while EDUC; is the 7variable. The residual, 8), is assumed to have a mean zero and be with the independent variable. Which of the following parameters represents the amount by which an additional year of education effects hourly wage? O Bo + PI O BI O Bo