a. Are the coefficients for MARR and KID in Part 05 jointly significant at 5% level? Should we keep both MARR and KID in our analysis or not? Show the steps involved in your justification.

b. If you were to remove both MARR and KID variables from the estimated model in Part 05 above, what would be the new estimated model? Write down the new estimated model in the form of Equation

con RST N TOT AGE O A W gretl: model 2 EDU File Edit Tests Save Graphs Analysis LaTex 5 EXPE 6 MAR Model 2: OLS, using observations 1-710 Dependent variable: RST 7 KID coefficient std. error t-ratio p-value const 3938.42 137.673 28. 61 5. 15e-120 *** TOTWRK -0. 192876 0. 0192575 -10.02 3. 65e-22 EDUC -17. 5917 6. 79463 -2.589 0. 0098 AGE 3.32013 1. 75262 1. 894 0. 0586 MARR 13.0016 48. 2111 0. 2697 0. 7875 KID -20.4220 57.8670 -0. 3529 0. 7243 Mean dependent var 3441.238 S.D. dependent var 522. 6869 Sum squared resid 1. 66e+08 S.E. of regression 484. 8888 R-squared 0. 145469 Adjusted R-squared 0. 139400 F (5, 704) 23. 96884 P-value(F) 2. 64e-22 Log-likelihood -5395. 017 Akaike criterion 10802. 03 10812. 61 Schwarz criterion 10829. 42 Hannan-Quinn Excluding the constant, p-value was highest for variable 6 (MARR)