Suppose Archer has the same discount rate as Cyril, ra = 9%. However, Archer has a higher ability level than Cyril, AA > AC and his wage-schooling locus is shown in Table 2. Table 2: Archer's Wage-Schooling Locus Years of Schooling Earnings MRR 11 $22,000 12 $32,000 13 $40,000 14 $47,000 15 $53,000 16 $58,000 17 $62,000 (d) Fill in Archer's marginal rate of return to schooling for years 12 - 17. (e) What is Archer's optimal schooling level? (f) Suppose we don't account for the differing wage-schooling loci of these individuals and estimate the marginal rate of return by comparing Cyril's wage/schooling outcome to Archer's wage/schooling outcome. What is the estimated MRR? (g) Compare your naive estimate of the marginal rate of return from part (f) to the true marginal rate of return to the 15th year of education for Cyril and Archer. Is our estimate higher than the true marginal rate of return, or lower than the true marginal rate of return for the 15th year of education for these individuals