After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want to finish school but really wants to be a chef. When Renaud mentions that he is considering leaving university for culinary school, his parents insist that he stay for one more year to get his degree. Which statement is TRUE? Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is greater than the marginal cost of university. Renaud's parents are correct: if he leaves university, he has wasted three years of tuition. O It is impossible to tell who is correct. O Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is less than the marginal cost of university.

After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want to finish school but really wants to be a chef. When Renaud mentions that he is considering leaving university for culinary school, his parents insist that he stay for one more year to get his degree. Which statement is TRUE? Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is greater than the marginal cost of university. Renaud's parents are correct: if he leaves university, he has wasted three years of tuition. O It is impossible to tell who is correct. O Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is less than the marginal cost of university.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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