Question1:Initially, you believe that gender does not play a role in salaries.Estimate this model with Experience and Class Rank as your explanatory variablesand interpret the economic intuition of your regression coefficient (regardless of significance). That is, regardless of whether your regression coefficient is significant or insignificant, explain how changes in your explanatory variable affect your dependent variable.Be sure to copy and paste yourregressionresults.

Question2:Now you decide to include gender in your model as well. Create suitable variable and estimate a model with all 3 explanatory variables.Interpret the economic intuition of all regression coefficients.That is, explain how changes in your explanatory variables affect your dependent variable.How do you know if a variable is significant or not?Be sure to copy and paste yourregressionresults.

Question 3:Which of the models would you choose? Explain your choice

For Question 4, please answer one of the following two options.Be sure to use the model from question 2 - the model with more explanatory variables:

Option A: Since the salary variable appears to be skewed to the right, you decide to use a log-linear model instead. Estimate your model from question (2.) with ln(salary) as your dependent variable instead and interpret your coefficient coefficients.Be sure to copy and paste yourregressionresults.

Option B: Using the regression model from (2.), predict the salary for a female graduate with 5 years of experience who is ranked 25^thin her class.Be sure to copy and paste yourregressionresults.

Data Set

Student Salary Experience Class Rank Gender 1 $98,590 3 1 Female 2 $101,730 7 2 Male 3 $61,970 3 3 Female 4 $94,230 3 4 Male 5 $64,530 4 5 Male 6 $56,040 2 6 Female 7 $97,050 5 7 Male 8 $63,890 2 8 Female 9 $87,070 4 9 Male 10 $61,170 4 10 Female 11 $62,780 4 11 Female 12 $68,250 4 12 Male 13 $56,800 2 13 Female 14 $61,250 3 14 Female 15 $64,030 4 15 Male 16 $62,800 4 16 Female 17 $65,600 3 17 Male 18 $71,890 5 18 Male 19 $63,740 3 19 Male 20 $65,650 3 20 Female 21 $59,830 3 21 Female 22 $64,250 3 22 Male 23 $62,010 4 23 Male 24 $62,290 3 24 Male 25 $61,710 3 25 Female 26 $61,820 3 26 Male 27 $64,330 4 27 Female 28 $60,190 1 28 Female 29 $68,770 4 29 Male 30 $68,270 5 30 Male 31 $62,300 3 31 Female 32 $68,410 5 32 Male 33 $62,010 4 33 Male 34 $60,400 3 34 Female 35 $64,290 4 35 Female 36 $65,400 4 36 Male 37 $65,190 4 37 Male 38 $64,570 4 38 Male 39 $57,510 3 39 Female 40 $60,150 4 40 Female 41 $64,540 5 41 Male 42 $65,350 4 42 Male 43 $66,170 5 43 Male 44 $65,960 3 44 Female 45 $70,080 6 45 Male 46 $61,450 2 46 Female 47 $70,920 5 47 Male 48 $67,110 4 48 Male 49 $71,210 4 49 Male 50 $68,880 5 50 Male 51 $59,320 3 51 Female 52 $66,770 4 52 Male 53 $64,910 4 53 Male 54 $61,550 3 54 Male 55 $71,000 7 55 Male 56 $58,920 3 56 Female 57 $65,860 4 57 Male 58 $62,700 4 58 Female 59 $64,200 3 59 Female 60 $56,580 0 60 Female 61 $69,770 4 61 Male 62 $62,700 4 62 Female 63 $60,680 2 63 Male 64 $65,420 5 64 Male 65 $66,220 5 65 Male 66 $63,370 3 66 Female 67 $65,780 4 67 Male 68 $72,660 6 68 Male 69 $54,330 0 69 Female 70 $64,990 4 70 Male 71 $59,220 3 71 Female 72 $63,530 4 72 Male 73 $56,970 2 73 Female 74 $52,220 0 74 Female 75 $66,910 5 75 Female 76 $66,100 3 76 Male 77 $62,410 2 77 Male 78 $58,450 2 78 Female 79 $63,420 4 79 Male 80 $62,770 3 80 Female