What is the opportunity cost of attending college ?What happens in terms of opportunity cost as one gets more educated? Eg. 2yr, 4yr degree, MS degree, PhD. What role does college choice play in your analysis (Ivy league vs state school, the value of a college name etc)

What is the opportunity cost of attending college ?What happens in terms of opportunity cost as one gets more educated? Eg. 2yr, 4yr degree, MS degree, PhD. What role does college choice play in your analysis (Ivy league vs state school, the value of a college name etc)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 5E

See similar textbooks

Related questions

Q: List the opportunity costs of the following: a. going to college b. missing a lecture c. withdrawing…

Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

Q: Explain the link between scarcity and each of the following (a) choice (b) opportunity cost (c) the…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: Suppose you currently earn $40,000 a year. You are considering a job that will increase your…

A: 1. The above information that is relevant to the decision on whether to take the job or not is that…

Q: Economics is the study of scarcity choice and optimal utilization of resources. Explain?

A: The economy has unlimited desires but the resources to satisfy this unlimited desires are limited.…

Q: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

Q: Attempts Keep the Highest / 1 6. Scarcity, opportunity cost, and marginal analysis Lucia is training…

A: Lucia has the fixed number of hours which she cna spend on training of any activity. And if she…

Q: Which of the following is a question answered with normative economic reasoning? O If the college…

A: Positive economic statements: A positive economic statement is based on empirical data and facts,…

Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…

A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.

Q: Suppose you currently earn $40,000 a year. You are considering a job that will increase your…

A: Given, Current earning- $40000 Earning after MBA- $400,000 Annual cost- $50000 Tuition fee-…

Q: what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV…

A: In economics, opportunity cost implies foregone income of an individual or firm when they decide to…

Q: Which of the following statements are examples of positive economic analysis? Which are examples of…

A: There exist two types of economic statements they are positive and normative statements. A positive…

Q: Why is the opportunity cost of attending college higher for a 50 year old than for a 20 year old?

A: Opportunity cost also called the implicit cost is the cost of the next best alternative that is…

Q: What is an opportunity cost? Give an example from class or make up your own

A: Economics studies how scarce resources are allocated in a manner that most of the human needs are…

Q: Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example…

A: The term opportunity cost implies that the next best option forgone

Q: There are costs and benefits of studying. If you continue to study will your action be consistent…

A: The net benefit is the difference between the total benefit of a particular activity and its total…

Q: • Describe various opportunity costs of attending college. Given these opportunity costs, why do…

A: As a matter of first importance we want to comprehend what opportunity cost is:- OPPORTUNITY COST is…

Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)

A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…

Q: Question 4 . Read the following scenario and answer the questions that follow. Scenario 1 The…

A: PPC refers to the graphical model that shows all of the different combinations of 2 commodities that…

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: Total cost includes explicit and implicit costs. Explicit costs are the actual out of the pocket…

Q: What is the opportunity cost of attending the current course (economics)? Discuss how you arrived at…

A: OPPORTUNITY COST can be defined as the loss of choosing something as you sacrifice something to…

Q: A university student faces the decision of how to spend one hour tonight. She could babysit her…

A: Opportunity cost is the worth of what you lose while picking either at least two choices.

Q: Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program. His annual…

A: Given, Salary from job = $59,000 per year Tuition expense= $60,300 Books expense = $9,500 Food…

Q: What is the opportunity cost of going to university? the total spent on food, clothing, books,…

A: The Opportunity Cost(OC)shows the possible benefits an individual, firm, or investor misses out on…

Q: Q1: What is opportunity cost? Q2: Explain with example.

A: Opportunity cost is also known as displacement cost.

Q: Studying has both cost and benefits. If you continue to study as long as the marginal benefits of…

A: The rule states that a decision maker should increase an operation until marginal profit equals…

Q: Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying…

A: Answer: Opportunity cost: The opportunity cost of an action refers to what people give up to do that…

Q: Question 6 Consider Angela who currently works as a data scientist with machine learning expertise.…

A: When economists apply the choice model, they assume a condition in which an individual understands…

Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you

A: According to the given question opportunity cost is simple words we can say that it is the cost of…

Q: You can spend spring break either at home working for $80 per day for five days or go to Florida for…

A: Opportunity cost refers to the value of the best alternative forgone when one chooses an item or…

Q: or each of the following, identify the opportunity cost involved: ⦁ Harry went to the club the…

A: Opportunity cost, in economics, represents the potential benefits that one has to give up while…

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: Introduction: The sum of all costs spent by a firm in achieving a given level of production is known…

Q: Sarah is a bartender earning $27.7 an hour Her new favourite video game has just been released and…

A: Costs can be divided into implicit costs and explicit costs. Explicit costs are clearly stated costs…

Q: Polanyi criticised formal definition of economics, a)because it only takes into account capitalist…

A: Polanyi believes in historical economics.

Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…

A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…

Q: when we choose to go to college, we have to give up the salary that we should be able to get if we…

A: Opportunity Cost is the cost of foregone alternative. It is the cost of the alternative that is not…

Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…

Q: an opportunity cost a whole country experiences when society or the government has made a choice.…

A: The problem of choice and scarcity tends to lie at the very heart of economics, which is the study…

Question

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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.
Studying has both cost and benefits. If you continue to study as long as the marginal benefits of studying are greater than the marginal costs and stop studying when the two re equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.
What is the opportunity cost of attending the current course (economics)? Discuss how you arrived at the decision to bear the opportunity cost?
To the following questions, provide an answer that includes identifying the type of opportunity cost. 1. You have a ticket to go to a concert by one of your favorite groups, the Hives, which you cannot resell. However, you can buy a ticket for $30 to attend a talk by Steven Colbert, which is at the same time as the concert. You are willing to pay up to $90 to hear Colbert. Given that there are no other costs involved in attending either event, what is your opportunity cost of attending the Hives concert? 2. The common adage “There’s no such thing as a free lunch”3. A company buys a machine worth $500 that can be sold in one year for $400. Alternatively, the company can instead save the $500 at an annual interest rate of 5%. Discuss the opportunity cost of buying the machine.
If the cost of tuition is $1,000; books cost $500; supplies cost $100; and you could have earned $20,000 instead of attending college, then the total opportunity cost of attending college is:Question 1 Select one: A. $21,600. B. $1,600. C. $20,000.
Explain what is meant by opportunity cost of choice
Suppose 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. 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]
Generally, the study of economics has to do with Question 24 options: How resources are not scarce. How people make decisions in the face of scarcity. How to ignore opportunity costs. How the stock market operates during a recession.