OR 3. Question Three (Chapter 4) (5 points) This question is about human capital accumulation. Assume initially a labor market where a worker's productivity depends only on educational attainment. ") Provide a graphical illustration of the wage-age-education attainment relationship, paying particular attention to high school and university levels. Explain the properties of the relationship and what determines the decision to start a university degree, using different areas of the graph. b) Workers now face different rates of discount (interest rates) and different marginal rate of return to schooling. Explain how these two factors impact the years of schooling choice, also using a graph. c) With reference to your graphical illustration in b) explain the different channels through which discrimination can work to compound earning differentials by gender or wealth class (no need to draw a new graph just refer to one in b) @) Using your answers and graphs in a) and b) and any criticisms of the human capital model. comment on and explain whether you agree or disagree that older people are less likely to invest in a college degree (no need for new graphs)