A subsample 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 first regress earnings on a constant and a binary variable, which takes on a value of 1 for females and is 0 otherwise. There are 850 females in your sample and 894 males. The results were: Earnings = 570.70 170.72 x Female, R = 0.084, SER= 282.12 1. What are the average earnings of males and females in this sample? What is the percentage of average female income to male income? Can you confirm what you have read in the news? - 2. Is it likely that the error term is homoscedastic here? Why