We want to study how education affects wages. After collecting a random sample of 10 observations, we notice that all 10 individuals have completed a BSc degree and no one has proceeded further. We...

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Extracted text: We want to study how education affects wages. After collecting a random sample of 10 observations, we notice that all 10 individuals have completed a BSc degree and no one has proceeded further. We would like to estimate the following model: wage, = Bo + B1education, + u;. We know that: O B, will be equal to zero O B, will not be very precise Bị cannot be estimated O B, will be biased