Question: Need a quick explanation 10. Suppose we think experience and education are both related to wages and we formulate the model In(wage,) = Bo +

Need a quick explanation

10. Suppose we think experience and education are both related to wages and we formulate the model In(wage,) = Bo + Bieduc; + Byexper + &; When we estimate this model on a sample of data, it returns Call: 1m(formula = log(wagel_dropSwage) ~ wagel_dropSeduc + wage1_dropsexper) Residuals: Min 10 Median Max -2. 0506 -0.2951 -0.0458 0.3012 1.4490 Coefficients: Estimate Std. Error t value Pr(>It[) (Intercept) 0. 149973 0. 112015 1.339 0. 181 wagel_dropseduc 0.102860 0. 007896 13.026

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