Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high- school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free.

Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high- school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose the fictional country of Everglades produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. PPF0701402102803504201801501209060300ELECTRIC SCOOTERS (Thousands)MILLET (Millions of bushels) PPF
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