Steps for

C$2$ Use the data in WAGE$1.$RAW for this exercise.

$($i$)$ Use OLS to estimate the equation

$log($ wage $)=()2$

and report the results using the usual format.

$($ii$)$ Is exper ${?}^2$ statistically significant at the $1\%$ level?

$($iii$)$ Using the approximation

$\%widehat($ wage $)$~~$100(hat({)}_2+2$hat$({)}_3$ exper $)$ exper

find the approximate return to the fifth year of experience. What is the approximate return to the twentieth year of experience?

$($iv$)$ At what value of exper does additional experience actually lower predicted wage