Timothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual school expenses are $62700 for tuition, $9400 for books, and $1800 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making?i) Scarcityii) Cost-Benefit analysisiii)Incentive Principle iv)Diminishing Retuurns

Timothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual school expenses are $62700 for tuition, $9400 for books, and $1800 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making?i) Scarcityii) Cost-Benefit analysisiii)Incentive Principle iv)Diminishing Retuurns

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 2QFR

See similar textbooks

Similar questions

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 Returns
Timothy quits his job, which pays $50400 a year, to enrol in a 4-year graduate program. His annual school expenses are $50800 for tuition, $8000 for books, and $3600 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 Returns
How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.
Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual expenses are $62600 for the tuition , $8400 for books, and $3500 for food. What is the opportunity cost for attending the graduate programe? 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 returns