Question: Consider the following econometric model wage = + Ieduc + u where wage is monthly wage in NZ$ and educ is years of completed education.

Consider the following econometric model wage = + Ieduc + u

Consider the following econometric model wage = + Ieduc + u where wage is monthly wage in NZ$ and educ is years of completed education. Note that the unit of wage is and the unit of educ is 3%. What is the mic ofthe error term u

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