Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food. a) What is his opportunity cost of attending the graduate program? b) What core principles are considered in timothy's decision making? scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns

Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food. a) What is his opportunity cost of attending the graduate program? b) What core principles are considered in timothy's decision making? scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 2QFR

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