In estimating the effect of education (X) on wages (Y) in Ghana, a researcher estimated equation 1.1 instead of equation 1.2, thus omitting an important variable, the experience of the person (Z)....

Extracted text: In estimating the effect of education (X) on wages (Y) in Ghana, a researcher estimated equation 1.1 instead of equation 1.2, thus omitting an important variable, the experience of the person (Z). Show the effect of this omitted variable on the estimated coefficient and summarize the direction of the bias. (1.1) Y = Bo + BiX Y = 60+ 61X + 62Z -(1.2)/