Please solve for c)

Question a) Regression of average family income based on level of education 1997 term estimate stderror statistic p.value (Intercept) 0.2017501 0.0173434 11.63266 0 avg_inc 0.0025657 00001962 1307460 0 B1 is the expected marginal effect of an extra unit of income on the level of education, which equals to 0.00256 approximately Question b) Regression of average family income based on level of education and cognitive abilities 1997 term estimate stderror statistic p.value (intercept) 0.1664666 0.0159650 10.426192 0 avg_inc 0.0017292 00001653 9334342 0 cog 0.0760721 0.0042546 17.679057 0 The estimated value of B1 is not the same for Model 1 and 2 because in this regression, we take into consideration the cognitive evaluation of participants. Question c) Problem 1 Using data from the NLSY97, and estimate the following two regression equations: BAE' = [30 + lincomei + 52' (1) 8A.; 2 [30 + lincomei + gcog'm'tive + 5i (2) Where BA\"; equals 1 if person i has completed a BA or an MA and equals 0 otherwise (that is, it equals 0 for those with an associate degree, high school degree or high school dropouts). incomei is standardized income and cognitiveiis standardized cognitive skills. These two variables have a mean equal to 0 and a standard deviation equal to 1. a) [5 points] Interpret the estimated value of ,81 in Model 1. b) [5 points] Is the estimated value of ,81 the same in Models 1 and 2? Why or why not? Explain. c) [5 points] Is income more important than cognitive skills in explaining university graduation rates? Why or why not? (1) [15 points] Redo the analysis using NLSY79 data instead. What are the estimated values of [31 in Models 1 and 2? What do you conclude regarding the income effect on university graduation and its evoluation over the period 1980 to 2010