Q2. In the following regression, College is a binary variable equal to 1 if the individual holds a college degree. Female is a binary variable equal to 1 if the individual is female. Age measures the individual's age in years. The other four dummy variables designate the four geographical regions in the US: Ntheast = 1 if the individual resides in the Northeast Midwest = 1 if the individual resides in the Midwest South = 1 if the individual resides in the South West = 1 if the individual resides in the West The estimated regression is as follows: Wage = 3.75 + 5.44College - 2.62Female + 0.29Age + 0.69Ntheast + 0.60Midwest - 0.27South a) Why is the regressor West omitted from the regression? What would happen if it were included? (2) b) John is a 25 year-old male college graduate from the Midwest. George is a 25 year-old male college graduate from the South. Calculate the expected difference in their earnings. (3)