Q4. Let Y, which is the dependent variable, represent wages. The independent variable X is 1 if the respondent's highest education level is at least 4-year-college-graduate and 0 if the respondent's highest education level is less than 4-year-college-graduate. Let's call X = 1 as "high education" and X = 0 as "low education". Say the estimated regression line from 1,000 sample is as follows. Note that the numbers in the parenthesis are the standard error of the estimators. SE (Bo) = 1.9, SE (B1) = 1.5 Pi = 20 + 3 x Xi, R2 = 0.10, SER = 4.9. (1) (1.9) (1.5) Q4.1 what is the estimated effect of "high education" on wages? Q4.2 How can we set a null hypothesis if you want to see if higher education level generates higher wages? ertelfal insbooges Q4.3 What is the t-statistic for testing the null hypothesis you set on the previous question? Do we reject the null at the 5% significance level