(12 marks) The economic model of Human Capital Investment assumes that individuals choose their path through post-secondary education based solely on which path will provide them with the highest lifetime income. In reality, individuals often choose a path through post-secondary education that does not maximize their lifetime income, as a result of various factors.

Consider Alex, an individual whose path through post-secondary education did not maximize their lifetime income. For each of the following potential reasons, construct a brief story that relates that reason to Alex's choice of post-secondary education.

a) Utility/disutility from education

b) Relationship between job satisfaction and education

c) Uncertainty of different income streams

d) Difficulty of financing human capital investments

E.g. If the reason is "incomplete information", a potential answer would be: "Alex's high school guidance counsellor gave them a list of potential university programs that suited their strengths. However, a program that Alex was well-suited for and which would have led to the highest-paying career possible for Alex, was not included on the list."