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Variable Definitions Variable Definition Growth Average annual percentage growth of real Gross Domestic Product (GDP) from 1960 to 1995. The average share of trade in the economy from 1960 to 1995, measured as the TradeShare sum of exports plus imports, divided by GDP; that is, the average value of (X + MY/GDP from 1960 to 1995, where X = exports and M = imports (both X and M are positive).In this exercise, you will investigate the relationship between a worker's age and earnings. (Generally, older workers have more job experience, leading to higher productivity and earnings.) The following table contains data for fulltime, full-years workers, age 2534, with a high school diploma or B.A.IB.S. as their highest degree. Download the data from the table by clicking the download table icon CI . A detailed description of the variables used in the dataset is available here 0 . Use a statistical package of your choice to answer the following questions. Suppose you are interested in estimating the following model Ahe =o +1Age + u Run a regression of average hourly earnings (AHE) on age (Age). What is the estimated intercept :30? The estimated intercept $0 is - 9.9617 . (Round your response to four decimal places) What is the estimated slope 21 '? The estimated slope $1 is 1.0034 . (Round your response to four decimal places) Is the estimated intercept o meaningful in this case? x Yes. No. Interpret the estimated slope 1 . If a worker's age increases by 1.0034 year, earnings increase, on average, by $1.0034 dollars per hour. If a worker's age increases by 1 year, earnings increase, on average, by 100.34%. If a worker's age increases by 1.0034 year, earnings increase, on average, by 1 dollars per hour. If a worker's age increases by 1 year, earnings increase, on average, by $1 .0034 dollars per hour. Bob's is a 28-yearold worker. Predict Bob's earnings using the estimated regression. Bob's predicted earnings are $ 18.13 dollars per hour. (Round your response to two decimal places) Alexis is a 32yearold worker. Predict Alexis's earnings using the estimated regression. Alexis's predicted earnings are $ 22.15 dollars per hour. (Round your response to two decimal places) Compute the R2 for the regression above. The R2 for the regression above is '1 (Round your response to four decimal places)