[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?

Answer: 24000
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 50…

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