Example 1: In Table 1, you find the estimation results of participation equations using data from females in 1975 in the US. Column (1) shows the estimation results using an indicator that is equal to one if a female is working/in the labor force and 0 if not as the dependent variable. Column (2) shows the estimation results using the numbers of hours worked as the dependent variable.

i)Write down the regression models shown in columns (1) and (2). Explain the differences between the twomodels in economic terms. ii)Describe and explain the estimated coefficients of the two specifications. Are the coefficients significantly different from zero? Why? What does the estimated coefficients mean? iii)Comment on the R-squared of the two specifications. iv)The data is from 1975. Have a look at studies using more recent data, and describe the differences in the determinants of female labor force participation. Have a look at the variables that determine labor force participation and the estimated coefficients.