Question: Scatter Plot 1 (Linear Specification) Scatter Plot 2 (Log-Linear Specification) Y-Axis: log(earnings); X-Axis: Education Y-Axis: Earnings; V. ObBt Prirt F [kfault X-Axis: Education ANNte

X-Axis: Education Y-Axis: Earnings; V. ObBt Prirt F [kfault X-Axis: Education ANNte

Scatter Plot 1 (Linear Specification) Scatter Plot 2 (Log-Linear Specification) Y-Axis: log(earnings); X-Axis: Education Y-Axis: Earnings; V. ObBt Prirt F [kfault X-Axis: Education ANNte Rats View 600,000 500,000 400,000 300,000 200,000 100,000 01 0 4 24 14 13 12 11, 8 o 8 12 16 EDUCATION 20 4 8 8 12 16 EDUCATION 20 sleet 24 494 Scatter Plot I (left) shows the relationship between Earnings (Y-axis) and Education (X-axis). Scatter Plot 2 (right) shows the relationship between log(Earnings) (Y-axis) and Education (X-axis). Question 1. Which specification (linear specification versus log-linear specification) is preferred in this example?

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