You have data on years of work experience, EXPER, its square, EXPER2, years of education, EDUC, and the log of hourly wages, LWAGE log(WAGE)=2.00+0.05*EDUC+1.00* EXPE-0.025*(EXPE) (1.50) (0.25) (0.5) (0.005) (1) N=104; ESS = 50; TSS = 100 log(WAGE) = 1.00 + 0.20*EDUC (0.50) (0.05) N=104; ESS = 30; TSS = 100 (2) a) Interpret the parameter estimates of equation (1). b) Test whethet experience have effect on wage or not c) At how many years of experience are (the log of) wages maximised? d) What are the consequences for the OLS estimate on EDUC of omitting experience and experience squared from the regression?S e) Calculate the model selection criteria for both models. Which model do you think best describes the data?