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12 May, 16:28

Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?

A. $19,000

B. $31,000

C. $40,000

D. $45,000

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Answers (1)
  1. 12 May, 19:50
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    Option (d) is correct.

    Explanation:

    The opportunity cost refers to the benefit that would be obtained from the next best alternative.

    Here, given that

    Tuition cost for attending college = $14,000 per year

    Room cost = $5,000

    Money income could be earned = $26,000

    Therefore, the Opportunity cost is as follows:

    = $14,000 + $5,000 + $26,000

    = $45,000
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