Using the present value framework we developed in class, explain how each of the following scenarios would impact the total number of individuals choosing to pursue a college degree:

(a) A new wonder-drug allows the average human to live an additional 20 years.

(b) The U.S. government forgives $10,000 of student debt for every individual. For this scenario, assume that the debt for giveness is a one-time event. That is, the government will not be forgiving student debt again.