Question

what are the opportunity costs of a student who decided to study college​

Answer 1

Following are the opportunity costs for a student who decided to study college:

• Tuition fee cost- The amount to be paid to the college.
• Associated expenses- Along with tuition fees.
• Income Source- Amount of money you could have earned if you did not decide to study in college.
• Previous Experience- Any experience gathered before admission to college.

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Answer 2

Answer:

"Opportunity cost" represents the advantages that a person, an investor, or a business loses when deciding between alternatives.

Explanation:

The benefit not received by not selecting the next best option is the opportunity cost. "Opportunity costs" are a core economic principle anare d expressed as "the essential link between scarcity and choice"

In attempts to make efficient use of scarce resources the concept of "opportunity cost" plays a crucial role.

• Now that you have a rudimentary understanding of opportunity cost, how might this be applied to your decision to attend college? In the larger scheme of things, you can choose to either attend college or… not.
• One possible outcome if you decide against going to college is that you get a job. Let's say you land a job after high school paying $35k annually. Your earnings after four years are roughly $140,000. (without any increases in wage or bonuses).
• What occurs if you attend school? Let's say your tuition and other costs total $30k each year, and you decide to work hard and finish your degree in four years.
• Let's imagine you decide to put all of your attention on your studies and forgo employment while in college.
• You are out $120,000 after four years, correct? Sure, but opportunity cost enters the picture here. Your opportunity cost is essentially the whole of your college costs plus the money you could have made if you hadn't opted to go to college rather than work. The $260,000 opportunity cost of going to college.

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