Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $12000 each year for tuition, $2500 each year for textbooks, and $12000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15000 per year.
Assume that if you decided not to go to college, your parents would not let you live at home.
What is your opportunity cost for four years of college?$
Homework Answers
Ans) the answer is $29,500
your opportunity cost includes : giving up the job 15,000, paying tuition 12,000, paying for books 2500
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