Suppose that you decide to go to summer school. Your tuition cost is $3,000, books and supplies cost $300, and room and board cost $1,000. You would not work while you attend summer school. If you did not go to summer school you would take a summer job which earns you $5,000 for the summer and your cost of room and board in the summer would be $2,000. Considering only this information, what is the dollar value of your total opportunity cost of attending summer school?

Suppose that you decide to go to summer school. Your tuition cost is $3,000, books and supplies cost $300, and room and board cost $1,000. You would not work while you attend summer school. If you did not go to summer school you would take a summer job which earns you $5,000 for the summer and your cost of room and board in the summer would be $2,000. Considering only this information, what is the dollar value of your total opportunity cost of attending summer school?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 1EA: Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will help...

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Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will help in organizing its inventory. Due to the steep learning curve required to use the new software, Garrison must decide between hiring two part-time college students or one full-time employee. Each college student would work 20 hours per week, and would earn $1 S per hour. The full-time employee would work 40 hours per week and would earn $15 per hour plus the equivalent of $2 per hour in benefits. Employees are given two polo shirts to wear as their uniform. The polo-shirts cost Garrison $10 each. What are the relevant costs, relevant revenues, sunk costs, and opportunity costs for Garrison?
Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500. Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? $13,500 $20,000 $24,000 $30,500
Suppose your expenses for summer school are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000. What is the opportunity cost of going to college this term?
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