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3) (30%) Consider a regression run using cross-sectional data from Statistics Canada's Labour Force Survey (LFS), with summary statistics for the relevant variables in Table

3) (30%) Consider a regression run using cross-sectional data from Statistics Canada's Labour Force Survey (LFS), with summary statistics for the relevant variables in Table 3.1 and regression output in Table 3.2. (This is similar to the analysis from lab 2.) In the two leftmost columns of regression output in Table 3.2 the dependent variable is hourly earnings ($/hour), whereas in the rightmost three columns/regressions the dependent variable is the natural logarithms of hourly earnings. In order, reading down the "variables" column in Table 3.2, the right hand side variables are: age (in years), the square of age, an indicator variable set equal to one if the observation is a female and zero otherwise, and the natural logarithm of age. Each regression is specified as indicated in Table 3.2.

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