13. You are interested in determining the impact of experience (measured in years) on wages (measured in pounds), and estimate four different specifications. Interpret the coefficient on experience in...

13. You are interested in determining the impact of experience (measured in years) on wages (measured in pounds), and estimate four different specifications. Interpret the coefficient on experience in each of the following: (a) Wagei = 1.20 + 0.80 * Experiencei (b) ln(Wagei) = 1.20 + 0.03 * Experiencei (c) ln(Wagei) = 1.20 + 0.2 * ln(Experiencei) (d) Wagei = 1.20 + 0.80 * Experiencei — 0.025 * Experience? 14. According to the estimated model in Question 13d), after how many years of experience are wages at their maximum level?