[Answer] Suppose your expenses for this term are as follows: tuition: $12 000 room and board: $6 500 books and other educational supplies: $1 500. Further during the term you can only work part-time and earn $3 500 instead of your full-time salary of $14 000. What is the opportunity cost of going to college this term assuming that your room and board expenses would be the same even if you did not go to college?