The data set consists of information on 3700 full-time full-year workers. The highest educational achievement for each worker was either a high school diploma or a bachelor's degree. The worker's ages ranged from 25 to 45 years. The data set also contained information on the region of the country where the person lived, marital status, and number of children. For the purposes these exercises, let AHE = average hourly earnings (in 2005 dollars) College = binary variable (1 if college, 0 if high school) Female = binary variable (1 if female, 0 if male) Age = age (in years) Ntheast = binary variable (1 if Region = Northeast, 0 othenlvise) Midwest = binary variable (1 if Region = Midwest, 0 othenNise) South = binary variable (1 if Region = South, 0 othewvise) West = binary variable (1 if Region = West, 0 otherwise) Results of Regressions of Average Hourly Earnings on Gender and Education Binary Variables and Other Characteristics Using Data from the Current Population Survey Dependent Variable: average hourly earnings (AHE). Regressor (1 ) (2) (3) College (X1) 5.19 5.21 5.17 (0.20) (0.20) (0.20) Female (X2) - 2.51 - 2.49 - 2.49 (0.19) (0.19) (0.19) Age (X3) 0.28 0.28 (0.05) (0.08) Klnr'knnn. Iv \\ A an Northeast (X4) 0.66 (0.29) Midwest (X5) 0.57 (0.27) South (X6) - 0.26 (0.25) Intercept 12.06 4.18 3.56 (0.13) (1.00) (1.01) Summary Statistics F-statistic for regional effects = 0 5.99 SER 5.96 5.91 5.90 R2 0.167 0.181 0.184 n 3700 3700 3700Using the regression results in column (2): The t-statistic for the coefficient on Age is . (Round your response to two decimal places.) The p-value for the preceding t-statistic is . (Round your response to four decimal places.) Does this imply that age is an important determinant of earnings? O A. Yes, age is an important determinant of earnings because the low p-value implies that the coefficient on age is statistically significant at the 1% level. O B. No, age is not an important determinant of earnings because the high p-value implies that the coefficient on age is not statistically significant at the 1% level. O C. No, age is not an important determinant of earnings because the low p-value implies that the coefficient on age is not statistically significant at the 5% level. O D. Yes, age is an important determinant of earnings because the high p-value implies that the coefficient on age is statistically significant at the 5% level