Question: Please do SS df Please experience Exp, for a sample of men: Earn Pred of (95% Conf. 1. [4 points) W Consider the regression of

Please do SS df Please experience Exp, for a sample of men: Earn Pred of (95% Conf. 1. [4 points) W Consider the regression of hourly earnings Earnings (measured in US Dollars) on years of B1+ B2 Erpi+u;. Please, use the following regression output to answer the questions. Source MS Number obs = 500 FC 498) = Model | 449.786071 1 449.78607 >F Residual 3115.56173 498 6.2561481 R-squared Adj R-squared Total 3565.3478 499 7.1449856 Root MSE Earnings Coef Std. Err. P>It! I .319107 03763456 I 7.630393 48507676 are the interpretations of , and 3? 2. (4 points) Is 32 significantly ly different from 0.2? Perform the relevant test and conclude. Use 1% significance level. t The document les de tots ing with ID.088 [4 points) Calculate the 95% confidence interval for By. tot dit 4. [4 points) How do we measure the goodness of fit of the regression? Please calculate the relevant statistics and interpret the number. 5. (4 points) How would you test whether the model has any explanatory power? List the detailed steps to perform the test and conclude. Use 5% significance level

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