Use the data from the file wage.wf1 and estimate an equation that includes as determinants of the logarithm of the wage rate the variables, educ, exper and tenure.

(a) Comment on your results.

(b) Conduct a test of whether another year of general workforce experience (captured by exper) has the same effect on log (wage) as another year of education (captured by educ). State clearly your null and alternative hypotheses and your restricted and unrestricted models. Use the Wald test to check for that hypothesis.

(c) Conduct a redundant variable test for the explanatory variable exper. Comment on your results.

(d) Estimate a model with exper and educ only and then conduct an omitted variable test for tenure in the model. Comment on your results.