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

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

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

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

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A: Answer in step 2.

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

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