Question: Use the first image to answer the question Suppose we are interested in the relationship between wages and education. We formulate the regression model: wage;

Use the first image to answer the question

Suppose we are interested in the relationship between wages and education. We formulate the regression model: wage; = Bo + Beduci + &; Where wage, is the wage of person i in tens of thousands of dollars and educ, is the number of years of schooling person i received. Using a sample of data, we estimate this model and find the following: Call: 1m(formula = wagel_dropSwage ~ wagel_dropseduc) Residuals : Min 10 Median 30 Max -5.4852 -2.1411 -0.9642 1.2139 16.6439 Coefficients: Estimate Std. Error t value Pr(>It[) (Intercept) -1. 30212 0.71374 -1. 824 0. 0687 wagel_dropSeduc 0.57152 0. 05538 10.320

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