Assume that the following regression equation has been estimated, where Py, is the labour force partici- pation rate of married women (measured as a percent- age with average P = 35.0), Y/, is the spouse's wage income (measured in thousands of dollars, with aver- age Y, = 10), Y,, is the woman's expected \"wage\" (expected income from working a fixed number of hours, measured in thousands of dollars, with aver- age ?w = 6), and uy is the male unemployment rate (measured as a percentage, with average Uy, = 6.0): Py = 7Y,, + 18Yy, 0.5u, a. What is the expected effect of an increase of $1,000 in the income of the spouses on the participation rate of the women? b. What is the expected effect of an increase of $1,000 in the wage of the women themselves? . Break the latter down into its separate income and substitution effects. d. Given the magnitude of the latter two effects, what would be the impact on female participation of an equal pay policy that increased the expected wages of females by $1,000 while at the same time de- creasing the expected earnings of their spouses by $1,000? e. Calculate the pure income and the gross or uncom- pensated wage elasticities of participation, evalu- ated at the means. - Does this equation shed any light on why the labour force participation of married women has increased over time, even though their nonlabour wage has also increased