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Based on the following graphs, / Expected private returns Tertiary Returns and costs Secondary Private costs Primary Years of schooling completed (a) Private returns and

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Based on the following graphs, / Expected private returns Tertiary Returns and costs Secondary Private costs Primary Years of schooling completed (a) Private returns and costs Social costs Social returns Returns and costs Secondary Primary Tertiary Years of schooling completed (b) Social returns and costs The optimal decision from social perspective is Choose... The optimal decision from an individual perspective is Choose... Choose. To invest in higher quality, rather than providing higher quantity of education. To provide as much schooling as possible. To allocate public resources that are enough to provide too much schooling. To secure up to secondary school only because Tertiary education is very costly with low expected returns. To secure as much schooling as possible

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