Econ question. Parts D,E,F please

2. [70 pts] Imagine the following universal returns to education. 1.3 for the first 5 years of schooling. 1.2 for the following 6 years (from year 6 to year 11) . 1.1 beyond 1 1 years of schooling (from year 12 and beyond). a. [10 pts] Can you provide an intuitive reason behind the drops in the returns to education? b. [10 pts] Would these data means that highly educated people earn less? c. [10 pts] Calculate the relative human capital between country A that has 8 years of education on average versus country B with 18 years of education. d. [10 pts] With a production function given by y = Akihz, calculate how much physical capital country A would need to compensate for the difference in human capital assuming both countries have the same productivity. e. [10 pts] With the same production function, calculate how much productive country A would need to be to compensate for the difference in human capital assuming both countries have the same physical capital per worker. f. [10 pts] Repeat d. and e. with the following production function: y = Ak3h3. What did you learn from this exercise