For each of the panels (a)–(e) in the figure you have just created, describe what is being plotted and any conclusions that should be drawn from the plot. Describe any problems and discuss how they...

For each of the panels (a)–(e) in the figure you have just created, describe what is being plotted and any conclusions that should be drawn from the plot. Describe any problems and discuss how they might be remedied.

Now fit a new model where the log of wage is regressed on education and experience. Create residual plots as done above for the first model. Describe differences between the residual plots for the two models. What do you suggest should be tried next?