Question: solve Suppose we estimate the following model log(wage) = By + B,education + 6,experience + 63experience + The data set we use to generate estimates

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Suppose we estimate the following model log(wage) = By + B,education + 6,experience + 63experience\" + The data set we use to generate estimates only includes workers who earn less than $20 dollars per hour, though there are workers in the population that earn significantly more. Suppose we find the following estimates Bo = 0.5822 B, = 0.0574 B, = 0.0245 8, = 0.0004 What is the effect of the non-random sample on our estimates for 3? The estimates of all 9 are unbiased, but the standard errors will be larger than if a random sample is selected from the population. The estimate of By is biased, but the others are fine. None of the values for B will be statistically significant . All of the estimates for B are biased and the direction of the bias is unknown

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