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2. (i) Why might the decision to undertake an educational program to be treated as an investment? From a social perspective, what costs and benefits

2.

(i) Why might the decision to undertake an educational program to be treated as an investment? From a social perspective, what costs and benefits are associated with obtaining a college education? (3.5 marks)

(ii) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model? ( 4 marks)

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