5. (15 pts) A subsarnple from the Current Population Survey is taken, on weekly earnings of individuals, their age, and their gender. You have read in the news that women make 70 cents to the $1 that men earn. To test this hypothesis, you rst regress earnings on a constant and a binary variable, which takes on a value of 1 for females and is 0 otherwise. The results were: EEFn= 570.70 170.72 x Female, R2: 0.084, SER = 282.12. a. (2 pts) There are 850 females in your sample and 894 males. What are the mean earnings of males and females in this sample? b. (8 pts) You decide to control for age (in years) in your regression results because older people, up to a point, earn more on average than younger people. This regression output is as follows: Ean= 323.70 169.78 X Female + 5.15 X Age, = 0.135, SER = 274.45. Based on the result above, how are the variable \"Female\" and \"Age\" correlated with each other? (5 pts). Do you think the inclusion of the variable \"Age\" helps to mitigate the omitted variable bias in the effect of gender on earnings? (3 pts)