c) Figure 1 plots the ratio of average college wages to average high school wages in the U.S. (or the college wage premium) for the period 1915-2005 (The scale on the graph is logarithmic. That is, log of the ratio is plotted). It shows that the college wage premium has a U-shape over time. Figure 2 plots the ratio of number of workers with college degree to those with high school degree. Based on these graphs, is our model successful at explaining the observed evolution of the college wage premium in the United States? Why? Figure 1. College graduate wage premium 0.6 [ high school graduate wage premium_ 0.5 0.4 0.3 0.2 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Source: Goldin, Claudia, and Lawrence F. Katz, 2007, "The Race Between Education and Technology", NBER Working PaperFigure 2. 1.00 College Equivalents/High School Equivalents (log scale) 0.37 - 0.14 - 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Source: Goldin, Claudia, and Lawrence F. Katz, 2007, "The Race Between Education and Technology", NBER Working Paper