In a regression explaining wages with the number of years of education (wage = β0 + β1educ+u), it is likely that people with more education have a wider variety of interests and job opportunities, which would lead to more wage variability at higher levels of education. People with very low levels of education have fewer opportunities and often must work at the minimum wage; this serves to reduce the wage variability at low education levels. What is the name of this problem in econometrics? How do we deal with it?

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$527.7.if the following was the question  $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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Renting provides greater flexibility but can lead to higher costs in the long-term.