need an answer for q1

during the exam, please email me at the address mentioned above. In all 3 questions, I will not award any points for items/tests that you repeat from one question to another. I will not award points if you suggesting adding regressors or omitting ones. Question 1 (18 points) Suzie regressed hourly wage on age (in years), gender, and educational attainment using a sample of Ontarians. She obtained the following results: B std-err Age 0.02 0.005 Female -0.72 0.05 Less than HS -0.15 0.05 Some Post-Sec 0.01 0.05 Coll/ Uni grad 0.08 0.5 R2 0.08 n 2478 Suzie thinks that there is no point in including educational attainment as regressors as "the only category that matters is less than high school and it only decreases hourly wage by $0.15.". Describe the method of estimation that would be appropriate here (2 marks). Is anything wrong in the situation described above? State four problems that you would either test for or correct for in the situation described above (Things that are just plain wrong, if any, also count as one of the four items here). I expect you to justify why it is relevant in this context and all steps required. If additional information is needed for what you suggest but that it isn't provided, state what you would need and why (and you can assume you have it). (4 points per item) See next page O Eli w