The file salaries_01.wf1 contains data for senior officers from a number of UK firms. The…

The file salaries_01.wf1 contains data for senior officers from a number of UK firms. The variable salary is the salary that each officer gets, measured in thousands of pounds. The variable years_senior measures the number of years they have been senior officers, and the variable years_comp measures the number of years they had worked for the company at the time of the research.

(a) Calculate summary statistics for these three variables and discuss them.

(b) Estimate a simple regression that explains whether and how salary level is affected by the number of years they have been senior officers. Estimate another regression that explains whether and how salary level is affected by the number of years they have worked for the same company. Report your results and comment on them. Which relationship seems to be more robust, and why?