7. Suppose the following regression is estimated from a sample of 100 individuals aged 25-34 = Wage -2.1472 + .7444Age; (12.431) (.427) R = .034,SER = - where Wage is the hourly wage (in dollars) and Age is the age of an individual (in years). Using the regression result above, answer the following questions: (a) Interpret the coefficient of the variable Age. If Alex is 28 years old and Bob is 33 years old, who earns more per hour and by how much? (b) Sam is a 33-year-old individual in the sample and earns $26.4455 per hour. Compute the value of the residual for Sam. (c) The coefficient of determination R can be computed in two ways: R ( - Y ( - )2 ( - 2 - 1. ( - Y)2 In this problem Y is the Wage variable. Given that value of the Standard Error of the Regression (SER). (Wage; -Wage) = 12219.4194, find the (d) Construct and interpret the 90% confidence interval for the slope coefficient of the Age variable. (f) According to the estimated model, what is the hourly wage of a 40-year-old worker? Is this prediction reliable? Why or why not?