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Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with a higher ability level. Which individual invests more in schooling? Is this answer unique or does it depends on the relative difference in the access to funds and the ability level of these two individuals?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9476511

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