Loose-leaf Version for Modern Principles of Microeconomics & LaunchPad (Six Month Access)
Loose-leaf Version for Modern Principles of Microeconomics & LaunchPad (Six Month Access)
3rd Edition
ISBN: 9781319036065
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
Question
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Chapter 1, Problem 1FT
To determine

The idea of opportunity cost in the enrollment of students in college.

Expert Solution & Answer
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Explanation of Solution

The idea of opportunity cost in the enrollment of students in college explains the fact that when the times are tough, the number of students who can afford college will decline. This implies that the opportunity cost of enrolling in a college is very high. On the other hand, some economists argue that when times are tough, the opportunity cost of students attending college is very low. In reality, during recession, the common students face difficulty attending college, which means that the price effect typically dominates.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost can be defined as the cost of a foregone alternative.

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