Timothy quits his job, which pays $83386 a year, to enrol in a 2-year graduate program. His annual school expenses are $57731 for tuition, $8205 for books, and $3424 for food. What is his opportunity cost of atending the graduate program?

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Question 2b().
Timothy quits his job, which pays $83386 a year, to enrol in a -year graduate program. His annual school
expenses are $57731 for tuition, $8205 for books, and $3424 for food.
What is is oportunity cost of atending the graduate program?
Transcribed Image Text:Question 2b(). Timothy quits his job, which pays $83386 a year, to enrol in a -year graduate program. His annual school expenses are $57731 for tuition, $8205 for books, and $3424 for food. What is is oportunity cost of atending the graduate program?
What core principles are considered in Timothy's decision making?
) Scarcity, Choice and Opportunity Cost
(i) Cost-Benefit analysis
(ii) Incentive Principle
(iv) Diminishing Returns
Select one:
O All principles are considered
O O only
O () and (i) only
O m. m and (ii) only
O (i) and (ii) only
O ) and (iv) only
O (i) and (iv) only
O (i) and (iv) only
Transcribed Image Text:What core principles are considered in Timothy's decision making? ) Scarcity, Choice and Opportunity Cost (i) Cost-Benefit analysis (ii) Incentive Principle (iv) Diminishing Returns Select one: O All principles are considered O O only O () and (i) only O m. m and (ii) only O (i) and (ii) only O ) and (iv) only O (i) and (iv) only O (i) and (iv) only
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