Consider Alex's decision to go to college. If he goes to college, he will spend $40036 on tuition, $23511 on room and board, $3060 on books, and $96 in parking and commuting. If he does not go to college, he will earn $70068 working in a store, spend $20783 on room and board, and 78 in parking and commute to work. What is Alex's opportunity cost of going to college? 24226

Q: James earns $9.50 per hour and works full-time, while Alice earns $19 per hour but only works…

A: Opportunity cost is the cost/value of next best alternative forgone while making choice.

Q: worked, she would have sold used golf balls online and made $20. Her opportunity cost of the movie…

A: Opportunity cost represents the potential benefits that an individual, investor, or business misses…

Q: You have just woken up and are trying to decide whether to attend an upcoming lecture. The following…

A: Opportunity cost is the benefit obtained from another option that is not chosen by an individual.

Q: diau Suppose that you could elther prepare your own tax return in 5 hours or hire a tax specialist…

A: Here, time taken by himself to prepare the tax return is 5 hours Each hour cost him $22

Q: You’re dreaming of what to do during a nice summer day. You could mow the lawn which you would pay…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Like a good economist, you calculated the cost of getting your college degree, including the…

A: As a prudent economist, considering the full cost of a college degree involves not only direct…

Q: Timothy quits his job, which pay $86000 a year, to enrol in a 3-year graduate program .His annual…

A: Opportunity cost is defined as the cost of the next best alternative in production or consumption…

Q: Lucy quits her psychiatrist job that pays $200 an hour and opens lemonade business. At the same…

A: Opportunity cost refers to the cost of next best forgone. It is the cost of something that has to be…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: Suppose a student has two options for the upcoming year. She can earn $30,000 next year working…

A: Opportunity cost refers to forgone benefits from a missed opportunity. It is the value of the next…

Q: You have been working full time but think you would like to earn more money per hour in the future.…

A: For both $10 and $20,30 hours would be the opportunity cost in time.

Q: Hubert and Kate are farmers. Each one owns a 20-acre plot of land. The following table shows the…

A: Answer in step 2.

Q: "ea under the curve or volume makes sense. ) Transfer the data into an Excel File Put your name in…

A: Marginal cost is the cost incurred by producers while producing one additional unit of product. In…

Q: Sharon is currently a full-time MBA student at business college. This semester, her tuition and fee…

A: a. What is Sharon's opportunity cost?Opportunity cost is the cost of the following best option…

Q: 2. Sadiq thinks he can sell Rs.4,200,000 worth of hardware in a year. What would his accountant…

A: the opportunity cost of a particular activity option is the loss of value or benefit that would be…

Q: Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this…

A: The opportunity cost is the benefit of next best alternate that is given up. In other words, it is…

Q: Question 2 · Thanh decided to go to university. If Thanh goes to college, he will spend $80,000 on…

A: Given; Thanh's tuition fees= $80000 Rental room cost= $15000 Cost of books= $4000 If he hadn't gone…

Q: Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now…

A: When talking about opportunity cost, it refers to the loss of income or additional cost that occurs…

Q: The following excerpt is from a letter sent to a financial advice columnist: "My wife and I are…

A: A mortgage is one kind of financing that is regularly used for buying real estate. To purchase the…

Q: IT Anna WIll take one 1d only Jobs, oppor rtuni Ity of

A: Opportunity cost : It is the potential benefit that an individual, producer or investor misses out…

Q: The financial costs of obtaining a college education include tuition and fees, textbooks, and for…

A: Opportunity cost is the forgone benefit from the next best alternative by choosing another…

Q: Q. S 1,000 you c Q. Ahr ne to produc ne to produc Ahma Ahma The c If Ah Ahma

A: Opportunity cost can be defined as the cost of the next best alternative forgone or surrendered.

Q: Kevin is considering going to a rock concert. The ticket will cost him need to spend $3 on gas to…

A: The opportunity cost of doing an activity is the loss of value associated with the next best…

Q: A potential entrepreneur is trying to decide whether to open a new health spa. She currently makes…

A: a) Opportunity cost is the cost of the next best alternative foregone.  If she opens a new health…

Q: Jeff can opt to join singing classes or work as a part time job in that one hour.  The job would…

A: According to the question we are given that:- Jeff has two options. Either he can work as a part…

Q: Ruby loves dividing her free time between going to the movies and reading. She has 20 hours per week…

A: Given: Amount per week=60 Cost of going of movies=6 Cost of books=15

Q: timothy quits his job, which pays $87000 a year to enrol in a 3 year graduate program. his anual…

A: Yearly amount from the job = $87000 The Annual school expense = $53500 Books charges = $6800 Food…

Q: Your time is a scarce resource. What if the quantity of time were increased, say to 48 hours per…

A: Scarcity:Scarcity refers to the basic economic problem that arises because resources (including…

Q: Identify the types of opportunity cost that people often undervalue,and explain why undervaluing…

A: Opportunity cost is equal to the value of the next best alternative foregone. In other words, the…

Q: If Bruce pays $2000 in tuition fees to the college, what does his opportunity cost?     $2000…

A: Opportunity cost is the value of something that must forgo to acquire something else. Thus, the…

Q: Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the…

A: Comparative advantage occurs when a country or an individual can produce the good at a lower…

Q: Madison has a full-time job, but she is considering going back to school for a master’s…

A: It is often seen that education plays an important role in order to get a job and in salary…

Q: omework (Ch 02) 4. Shifts in production possibilities Suppose Ireland produces two types of goods:…

A: The production potential frontier is a graphic depiction of the ideal production balance between two…

Q: Suppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on…

A: The opportunity cost is the potential loss that is sacrificed when one option is selected over…

Q: Like a good economist, you calculated the cost of getting your college degree, including the…

A: Given information: At university, you will pay $15,000 each year for tuition, $3000 each year for…

Q: Suppose Andrea has a job that pays her $50 000 per year (after taxes). She is considering quitting…

A: Opportunity cost can be defined as a potential benefit that an individual or company loses by…

Q: What is the opportunity cost of going to university? the total spent on food, clothing, books,…

A: The Opportunity Cost(OC)shows the possible benefits an individual, firm, or investor misses out on…