Michael believes the following model is correct: Wage = B0 + B1 *Schooling + B2* Experience + B3*Experience2 + u Anna thinks the following model is correct: Wage = B0 + B2* Experience + B3* Experience2 + u 1) If the range of wage increases with higher amount of schooling, what kind of problem would this cause in Michael’s regression? 2) Eugene finds data for the same people over 5 years. Can he improve Michael’s model? How? Explain.

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