The returns to education are 13.4% per year for the first four years of schooling (grades 1- 4), 10.1% per year for the next four years (grades 5 - 8), and 6.8% per year for education beyond eight years.
What fraction of wages is due to human capital for a worker who has 14 years of education?
What is the ratio of the output per worker (assumed proportional to their wages) of a Country X that has 10 years of schooling to a Country Y that has 7 years of schooling?