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 4.4567 5.77 1 6. 5.9787 7.3317 8 4 7.3182 6.5844 5 10 11 7.8182 7.8351 7 12 8 13 9. 11.0223 14 10 10.6738 10.8361 13.615 15 11 12 13 16 17 13.531 18 Sum 112.7712 156 Calculate the following: а. Во аnd B. Interpret each coefficient. b. Covariance between X and Y. c. The correlation coefficient. d. Interpret the correlation coefficient. e. The coefficient of determination. f. Interpret the coefficient of determination. g. Predict the monthly salary of a labourer with 20 years of education and interpret y answer.

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