1. Ralph is trying to decide whether to go to graduate school. If he spends two years in graduate school paying $15000 tuition each year he will get a job that will pay $60000 per year for the rest of his working life. If he does not go to school he will go into the workforce immediately. He will then make $30000 per year for the next three years $45000 for the following three years and $60000per year every year after that. If the interest rate is 10 percent is graduate school a good financial investment?2. Suppose your uncle gave you an oil well like the one described in Section 15.8. (Marginal production cost is constant at $10.)The price of oil is currently $20 but is controlled by a cartel that accounts for a large fraction of total production. Should you produce and sell all your oil now or wait to produce? Explain your answer.