1. Consider the data about the cost of each year of college in the table below:

Opportunity Cost of a Year of College Explicit cost Implicit cost Tuition $17,000 Forgone salary $35,000 Books and supplies 1,000 Computer 1,500 Total explicit cost 19,500 Total implicit cost 35,000 Total opportunity cost = Total explicit cost + Total implicit cost

= $54,500 A rational person would attend another year of college if the additional income expected plus the value of improved quality of life were worth at least

a. $17,000.

b. $19,500.

c. $35,000.

d. $54,500.

e. $89,500.