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2) DATA7-2 tabulates data on salaries and employment characteristics 49 employees in a certain company. The dependent variable is WAGE (in $). The explanatory variables

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2) DATA7-2 tabulates data on salaries and employment characteristics 49 employees in a certain company. The dependent variable is WAGE (in $). The explanatory variables are: EXPER = Number of years at the company (Range 1 - 23) AGE = Age of employee (25 - 64) GENDER = 1 for male and 0 for female RACE = 1 For white, 0 for non-white a. Identify and explain the expected relationship between the dependent variable and each independent variable. b. Generate a variable "experience X gender." c. Run the regression and show the results. Do males have a higher starting salary than females? Do males experience a faster increase in their salary per every year of experience than females? d. Interpret the coefficient of "experience X gender."

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