Part 2. Omitted variable bias. Consider the following bivariate model: wager = Bo + Breduci + u; In this model, i indexes a person, wage; is person i's hourly wage rate measured in dollars ($s), and educ; is person i's highest level of educational attainment measured in years. 11) Give an example of an "omitted variable" in the above wage equation. Explain why it is an omitted variable. (5 points) 12) Does your omitted variable in (Q11) create bias? Explain why or why not. (5 points)13) What does it mean for our parameter estimates to be biased? Why do we care? (5 points) 14) What might you do to eliminate as much bias as possible from the model? (5 points)