QUESTION 5 Consider the variables monthly salary in hundreds of dollars (Y) and years of education (X). Basic labor economics theory tells us, that among many variables, education is an important determinant of wages. In the table given we provide the necessary raw data to estimate the quantitative impact of education on wages. Carry out the following regression analysis: Obs Y 1 4.4567 5.77 5.9787 7.3317 7.3182 6.5844 7.8182 7.8351 11.0223 3 4 9. 5 10 11 12 8 13 14 10 10.6738 15 10.8361 13.615 13.531 11 16 17 18 12 13 Sum 112.7712 156 Calculate the following: a. B, and B. Interpret each coefficient. b. Covariance between X and Y. c. The correlation coefficient.

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