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Pat has a wageschooling locus given by the function 1 2x5 rob-A IL' NIH W) = Kat has a wageschooling locus given by the function
Pat has a wageschooling locus given by the function 1 2x5 rob-A IL' NIH W) = Kat has a wageschooling locus given by the function [C(55) = 2$% 3/5 In both cases, 22 represents the years of schooling. p(:c) represents Pat's earnings and Mm) represents Kat's earnings. For all questions below, round your answers to the nearest hundredth. a) On a separate sheet of paper, ll out the table below regarding the earnings Pat and Kat will make at a given year of schooling. (5 pts) Year of Schooling p(5~:) Mm) 0 1 4 9 16 b) Graph the wage-schooling locus for Pat and Kat. Label your plots p(m) and MI), respectively. Note: A proper graph must have labeled asses, and the points on the graph must be positioned accurately according to the axes. (4 pts) The marginal rate of return to schooling years for Pat is given by Mm) : 3 The marginal rate of return to schooling years for Kat is given by m) = $
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