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b. Run a regression with Iwage as the dependent variable, and educ, tenure, age, and experience as explanatory variables. Interpret the coefficients for education and
b. Run a regression with Iwage as the dependent variable, and educ, tenure, age, and experience as explanatory variables. Interpret the coefficients for education and tenure. [NB, the dependent variable is In(wage)] (5 points) c. Add dummy variables for "black", "married", and "south" interpret the coefficients for black and south. (5 points) d. Replace the variable for education with the variable you created for college and interpret its coefficient. (5 points) e. Pretend you are interested in the relationship between college graduation and wages. In what way is this model better than the one you had in part c, in what way is it worse? Of the two, which model would you use and why? (5points)
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