In ( wage )= a+ Bo Edu+ B, Degree + B2 Exp + B3 Exp + u where Edu = years of education Degree = 1 if you hold a college degree (0 if not) Exp = years of work experience a. (4 pts.) We expect the sign of Po to be positive if the model holds. b. (6 pts.) Why might Po be overstated? Explain. c. (4 pts.) Given the shape of the wage-schooling locus, what else might we include in our wage equation