The following regression model has been obtained using data from 500 individuals from the United Kingdom in year 2015:

(Standard errors in parentheses) where wage= hourly wage, educ= years of education, exper= years of experience and South is a binary dummy variable which takes the

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value 1 if the individual lives in the South and 0 if not.

All Gauss-Markov assumptions are assumed to hold. For this dataset

Give the correct answer with explaination and calculation