1. You can nd the data for this question in the \"Tutorial 3\" folder on moodle. The data are a sample of 300 male manual workers from the UK. We are interested in the regression of In wage (image) on education (Educ): law,- = a + eda; + s,- (a) Regress lll wage (image) on education (educ). Interpret your results. (1')) Can you reject the hypothesis that an additional year of schooling increases wages by 1%? (e) What is the R2 of the regression? Give the formula and explain what it is in words. (d) Add years of experience (exp) to the regression. What happens to the estimated effect of educa- tion? Explain why this happens