Refer to the following estimation output and answer to the questions a-d.
a. Find the optimal level of experience for an academician.
b. Find the exact impact of age on the remuneration.
c. Find the differences in Y, for two fully comparable academicians with d(age)=3 years. 5 points
d. Interpret the results for all elements discussed so far. 15 points
***The following regression captures the remuneration one Professor gets for getting engaged in research projects and scientific activities.
Log (Remuneration) = 2.301 + 0.022*Exper – 0.0003*Exper + 0.016*Age + 0.14*Time_spent_Preparing&Researching
P-value (Exper) = 0.011 & P-value (ExperSQ) = 0.00
P-value (Age) = 0.81 & P-value (Time_Spent_Preparing&Researching) = 0.95