Suppose we are interested in the relationship between wages per week (in TLs) and weekly hours worked by the individuals. You obtain the following results from an OLS estimation: Hours Worked =85.20.05 Wage (9.1) (0.00287) R2=0.40, Standard Error of the Regression =0.72,n=952 a) Interpret the estimated coefficients and test whether they are significant at 5% level. State the null and alternative hypothesis. b) Interpret the measures of fit and compute an F test for overall significance of the model at 5% level. State the null and alternative hypothesis. c) Assume that the average of weekly hours worked in this sample is 50 . What is the average annual income in the sample? d) You shared this model results with a friend of yours and she thinks that if she works 50 hours or higher, she will certainly earn more than 20,000 TLs per year. How would you respond to this statement? Is it guaranteed that your friend will get higher income levels as she works more? Explain your answer. e) A friend of yours thinks that as wages rise, people should be working more in order to earn more income. How would you respond to this statement? Are the model results support this idea? Are the model results consistent with economic theory? f) While working on the problem set, suppose you called a former student of Econometrics for help. (S)he told that you should be careful about "reverse causality"? How would you define and explain this term to yourself? Does this concept apply to your model as well? g) Using the information provided in the problem and your previous answers; calculate the Z-score for a wage