QuestionThis dataset is a cross-sectional dataset with 753 observations of female members of the labor force in the US (in 1975). It contains variables such as the number of children, the wage, the hours worked etc. The dependent variable which you will use here is the log wage (lwage) and we are interested in whether the years of education (educ) has a positive influence on a women’s wages.Here are the variable descriptions:?. inlf??????????=1 if in labor force, 1975?. hours??????????ours worked, 1975?. kidslt6????????? kids < 6 years?. kidsge6????????? kids 6-18?. age???????????oman’s age in yrs?. educ??????????years of schooling?. wage??????????estimated wage from earns., hours?. repwage?????????eported wage at interview in 1976?. hushrs?????????hours worked by husband, 197510. husage?????????husband’s age11. huseduc?????????usband’s years of schooling12. huswage?????????usband’s hourly wage, 197513. faminc?????????family income, 197514. mtr???????????ed. marginal tax rate facing woman15. motheduc????????mother’s years of schooling16. fatheduc????????father’s years of schooling17. unem??????????unem. rate in county of resid.18. city??????????=1 if live in SMSA19. exper??????????ctual labor mkt exper20. nwifeinc????????(faminc – wage*hours)/100021. lwage??????????og(wage)22. expersq?????????xper^2Discuss the findings and evaluate the models (image below)Image transcription textMror Dependent variable: Iwore Model 1 (Q2) Model 2 (05) Model 3 (07) Model 4 (08) (2) (4) 0. 109 0.077*(0.014) (0 015) (0.014) (D.04)) 0,0003 DO19 (0.005) (0.032) CXper 0.042 (043″ (0.013) (D.014) CXperSq-0.00)* (0.1014) (0.001) Constant -0.185 D.441 -0.533″ 0876 (0.185) (D.446) (0.178) (1.582) O… Show more… Show moreBusinessEconomicsEconometricsECON 208
