List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.
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- List two
opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.
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- Identify three categories of opportunity costs that you will incur for getting a university degree.Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program. His annual school expenses are $60,300 for tuition and $9,500 for books, and $3,000 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy’s decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost Benefit Analysis (iii) Incentive Principle (iv) Diminishing ReturnsSuppose you currently earn $40,000 a year. You are considering a job that will increase your lifetime earnings by $400,000 but that requires an MBA. The job will mean also attending business school full time for two years at an annual cost of $50,000. You already have a bachelor’s degree, for which you spent $150,000 in tuition and books. Which of the above information is relevant to your decision on whether to take the job? What is the opportunity cost of going to school to study MBA? Should you take the job? [Note: You will need to get the MBA]
- Suppose that, in starting a new business, you leave your current job at a healthcare company that pays you $5,000 per month (including all benefits). After one year, the start-up starts making a profit of $6,000 per month. How long will it take you to be economically profitable, explain using the concept of opportunity cost in this context.How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.Some college students have claimed that because their incomes will be higher as a result of attending college, there is no opportunity cost of attending college. Do you agree? Explain.
- Suppose your friend ask you to go watching a movie while you are studying for an examination. what would be the opportunity cost of watching the movie? Explain your answer.A firm has two workers, Paula and Carlos. Paula can counsel 11 clients per working day, or write 2 memos per working day. Carlos can counsel 5 clients per working day, or write 3 memos per working day. Carlos's opportunity cost of writing one memo isSuppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year? A) $14,000 B) $24,000 C) $30,000 D) $34,000 can you solve this Q and show me the steps for solving it
- How do you define opportunity costYou have been going to school and working 10 hours a week. The school offers you a scholarship worth $1,500 per quarter because of your excellent performance. In order to get the scholarship, you have to go to school full time, which means you would have to quit your job. What is your opportunity cost if you make $10 per hour? (Answer in terms of both time and money.) If you get paid $10 an hour and a quarter lasts 11 weeks what would you choose? Why? Your work offers you $15 an hour in order to prevent you from quitting. What would you choose? Why?You can spend spring break either at home working for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, the hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Flordia?
