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Suppose you plan to go to school this summer. The cost of tuition and textbooks is $1,800. The cost of room and board is $800. You also have $600 of other miscellaneous living expenses. While attending summer school you work part time and earn $2,000. If you didn't go to school, you'd live in your parents' house and eat for free, but your other living expenses would be the same. Also, if you didn't go to school you'd work full time and could earn $10,000.

a.What will summer school cost you in terms of money explicitly paid?

b.What are the opportunity costs of going to summer school that you don't pay explicitly? describe.

c.What is your total opportunity cost of going to school this summer? describe your answer.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M949797

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