_{Please use the R-Markdown platform within R-Studio for the analysis and produce your output;}

_{use below data and answer the following question}

Use data loanapp from library(wooldridge) for question 6-10. Run the following code:

library(wooldridge)

data(loanapp)

6.Report the descriptive statistics of the variable approve , white, loanprc, appinc.

7. Run the model using OLS: approve = b0 + b1*white + b2*loanprc + b3*appinc + e

Discuss the impact of white on approve.

8. Run the model using the logit regression. Discuss the impact of white on approve.

9. Predict the approve for a non-white applicant, with median income, and median loanprc using the OLS.

10. Predict the approve for a non-white applicant, with median income, and median loanprc using the logit model. Should you expect the result to be significantly different from point 9 and why?