### Opportunity Cost of College Education**Problem Statement:**1. Here are your costs if you decide to go to college. If you decide not to go to college, you can work and earn $20,000. What is your opportunity cost of going to college?| **Costs** | **Amount** ||-----------------|-------------|| Tuition | $10,000 || Books | $1,000 || Food | $500 || Parking Pass | $200 |**Options:**1. $11,7002. $31,7003. $30,0004. $31,200**Explanation:**To determine the opportunity cost of going to college, calculate the total direct costs associated with attending college and add the foregone earnings you give up by not working.**Total Costs of Attending College:**$ Tuition + Books + Food + Parking Pass = 10,000 + 1,000 + 500 + 200 = 11,700 $**Add Foregone Earnings:**$ 11,700 (Total College Costs) + 20,000 (Foregone Earnings) = 31,700 $So, the opportunity cost of going to college is:**Option 2: $31,700**

The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…

1. Here are your costs if you decide to go to college. If you decide not to go to college you can work and earn $20,000. What is your opportunity cost of going to college? Costs Tuition Books Food Parking Pass 1. $11.700 2. $31,700 3. $30,000 4. $31.200 Amount $10,000 $1,000 $500 $200

1. Here are your costs if you decide to go to college. If you decide not to go to college you can work and earn $20,000. What is your opportunity cost of going to college? Costs Tuition Books Food Parking Pass 1. $11.700 2. $31,700 3. $30,000 4. $31.200 Amount $10,000 $1,000 $500 $200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

1. Understanding opportunity cost You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is .
The 9/11 terrorists who flew planes in the World Trade Center Towers caused a. a reduction in air travel b. an increase in highway travel c. an increase in deaths on american highways d. A & B e. A, B, and C
4. The opportunity cost of changing your decision on what to major in college is highest___ a. before you have earned any of the credits needed to obtain the major you initially chose. b. after you have officially declared a major. c. after you have earned ½ of the credits to obtain the major you initially chose. d. after you have completed your major and received your diploma.
Look at the question below
2. The population of Tatoonia is very small. Luis works full-time for pay. Robin works one shift a week as counter help at a fast-food restaurant. Sheila is retired. Shawna does not work for pay, but is thinking about getting a job and has been looking through employment postings to see what is available. Bob has given up looking for work, after months of not finding anything. Ana, the only child in the country, is 12 years old. a. How would a household survey, following U.S. methods, classify each person? b. What is the labor force participation rate in Tatoonia? c. What is the unemployment rate in Tatoonia?
Procurement- Which one of the following is not a reason to purchase globally? A. Product availability B. Labor availability C. Reserving capital for other purchases instead of using it for equipment needed. D. Budget surplus to use before year end
The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.
Your lecturer loves her work, teaching Economics. She has been offered other position in the corporate world that would increase her income by 50 percent, but she has decided to continue working as a lecturer in UNIMAS. Her decision would not change unless the marginal _________ a. benefit of teaching increased. b. cost of teaching increased. c. cost of a corporate job increased. d. benefit of a corporate job decreased.