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How do I solve this Question 31 (10 points) Suppose we want to predict someone's wage using the following model: wage = Bo + B1*experience

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Question 31 (10 points) Suppose we want to predict someone's wage using the following model: wage = Bo + B1*experience + E Assume that the data has wages in 1000s of dollars (so a wage of 10 = $10,000). Experience is a numeric variable. If we estimate Bo = 40 and B1 = 2 1. What is the interpretation of Bo? (3 marks) 2. What is the interpretation of 31? (3 marks) 3. Predict the wage for somebody with 10 years of experience. (4 marks)

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