(Answered) Suppose mikes wage-schooling locus is given byyears of

Economics

Suppose Mike's wage-schooling locus is given by:

Years of Schooling	Earnings
9	$18,500
10	$21,000
11	$23,000
12	$24,800
13	$26,200
14	$27,000

Derive the marginal rate of return for each year of schooling. How many years of schooling will Mike attend if his discount rate is 4 percent? What if his discount rate is 12 percent?

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