c) On a separate sheet of paper, ll out the table below regarding the marginal rate of return to schooling for Pat and Kat (4 pts) Year of Schooling p'($) k'(m) 1 4 9 16 (1) Graph the marginal rate of return functions for Perry and Kerry. Label your plots p'(m) and h'(a:), respectively. Note: A proper graph must have labeled axes, and the points on the graph must be positioned accurately according to the axes. (4 pts) e) Now, suppose Pat and Kat have the same rate of discounting the future, 7' : 0.05. How many years of schooling are optimal for Pat? (Hint: Use the equation M RR : r.) (5 pts) f) How many years of schooling are optimal for Kat? (Hint: Use the equation M RR = 1".) (5 pts) g) Now suppose that Pat's discount rate stays the same but Kerry's discount rate .'r" increases to 0.10. Solve for Kat's optimal years of schooling now. (5 pts) h) Compare total years of schooling for Pat and Kat after Kat's discount rate rose to 0.10. Who is more patient? Who has higher ability? Explain the economic intuition behind your answer. (3 pts)