Question: Just explain it quickly. I need it fast. 1. Suppose we are interested in the relationship between wages and education. We formulate the regression model:

Just explain it quickly. I need it fast.

1. Suppose we are interested in the relationship between wages and education. We formulate the regression model: wage, = Bot Beduci + & Where wage, is the wage of person i in tens of thousands of dollars and educ, is the number of years of schooling person i received. Using a sample of data, we estimate this model and find the following: Call: 1m(formula = wagel_dropSwage ~ wagel_dropSeduc) Residuals: Min 10 Median 30 Max -5.4852 -2.1411 -0.9642 1.2139 16.6439 Coefficients: Estimate Std. Error t value Pr(>|t/) (Intercept) -1. 30212 0.71374 -1. 824 0. 0687 wagel_dropSeduc 0. 57152 0. 05538 10.320

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