Suppose you live locally and travel to this university to study for your degree. your expenses during the term are as follow: tuition $5000 books and other educational supplies $300 travelling to university $200 food an personal care $1000. further during the term, vou can only work part-

Suppose you live locally and travel to this university to study for your degree. your expenses during the term are as follow: tuition $5000 books and other educational supplies $300 travelling to university $200 food an personal care $1000. further during the term, vou can only work part-

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter10: Financing And Producing Goods

Section: Chapter Questions

Problem 8AA

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Suppose you live locally and travel to this
university to study for your degree. your expenses
during the term are as follow: tuition $5000 books
and other educational supplies $300 travelling to
university $200 food an personal care $1000.
further during the term, you can only work part-
time and earn $8000 instead of full time salary of
$20 000. What is the opportunity cost of going to
university this term ?.

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