III. (a) Draw the wage-schooling locus for someone whose return to schooling decreases through college but increases after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of post-college schooling.) (6 marks) (b) On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part (a). (7 marks) (c) What can be said about a college graduate who faces the wageschooling locus described in part (a)? (7 marks)

III. (a) Draw the wage-schooling locus for someone whose return to schooling decreases through college but increases after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of post-college schooling.) (6 marks) (b) On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part (a). (7 marks) (c) What can be said about a college graduate who faces the wage- schooling locus described in part (a)? (7 marks)