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Georgia ECONOMICS 8740 – Suppose the following model

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Georgia ECONOMICS 8740 – Suppose the following model

1. Suppose the following model describes the relationship between monthly earnings (wage) and IQ score (iq):log(wage) = 5.88699 + 0.00881 iqwhere log(.) denotes natural logarithm.What is wage when iq = 105? When iq = 125? (Hint : You will need to exponentiate.)Use equation (A.28) on page 714 in Appendix A of Wooldridge (2013) to approximate the percentage increase in wage when iq increases by 20.Use the results from part (A) to compute the exact percentage difference in wage when iq = 125 and iq = 105. Comment on how this compares with the approximation in part (B).

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