4. Suppose you have data on the following characteristics for a sample of Canadians: Inwage (natural log of $/hour main job), married( 1=married, 0 otherwise), workexp(years work experience, 0-53), highesteathighest level of education attained, 1=less than high school, 2=high school grad, 3=certificate or bachelors, 4=above bachelors), 9=refuse to answer), immigrant (1=if immigrant to Canada, 0 otherwise). You generate preliminary summary statistics (#observations, mean, min, & max) to look at the data: Variable #Observations Mean Min Max In(wage 732 5.2 3 7.6 married 734 .56 10 WORKEXP 734 28 53 highested 733 12.3 immigrant 734 0.51 a) Suppose you are writing a paper on the returns to education (controlling for all other characteristics shown in this table). What would you want to do with your data and or variables before running any regressions (& before reporting summary statistics in your paper)? Describe 2 important actions and state which variables would be affected. [2] Action: Variable(s) Affected: b) Suppose now that we use our data to estimate the returns to work experience using the following model: In(wage), = b, + b, Immigrant + b, Married + b, Workexp, + (eq. 4) What are we assuming by not interacting Immigrant with Married and Workexp? Explain. [1] What we are assuming