Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high- school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free.
Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high- school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
Problem 3TY: Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves...
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Transcribed Image Text:Like a good economist, you calculated the cost of getting your college degree, including the opportunity
cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for
textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-
school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college,
your parents would let you live at home for free.
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