2. Suppose that Senki's wage-schooling locus is given by: Years of Schooling Earnings (Maloti) 6 7 10 11 12 13 14 12,000 15,360 19,200 22,200 24,420 26,400 27,720 28,680 28,800 (a) Derive the marginal rate of return schedule. (i) When will Senki quit school if his discount rate is 5%? (ii) When will Senki quit school if his discount rate is 15% instead? [8] [5] (b) Suppose now the government imposes an income tax of 25% on earnings. What is the effect of this income tax on Senki's educational attainment? [7]