Add the two variables meduc and feduc to the regression estimated in question 1. Is either of the variables individually statistically significant? Are they jointly statistically significant at the 1% level? In your answer to this part of the question, you should state the F statistic used to reach your conclusion and the appropriate critical value (using a right-tailed probability of 0.01, i.e. a one-sided test). Do you prefer this model or the one estimated in question 1? Briefly justify your answer. please solve it in 20 mins I will thumb you up 1. Estimate the following multiple regression model for all the observations in your sample: wage=B0+ß1educ+ß2exper+ß3age+B4urban+u Perform a RESET test on the specification (include the square and the cube of the predicted value). Obtain and state the appropriate test statistic. What do you conclude? Apply the full White test for heteroscedasticity. Using the chi-square form of the statistic, obtain and state the p-value. What do you conclude?