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Consider the following situation and answer the questions below: You are planning to attend college next year. The total cost of tuition and textbooks is
Consider the following situation and answer the questions below: You are planning to attend college next year. The total cost of tuition and textbooks is Php10,000. If you go to school, your room and board will cost you Php 5,000. If you did not go to school, however, you would live at home, and your total room and board would only be Php 1,000. Additionally, if you didn't go to college, you would work a job making Php 20,000 for the year. In terms of room and board alone, what would be your opportunity cost of attending college? Be sure to explain your answer (HINT: The answer is not Php 5,000). Guided Questions: 1. What are the explicit costs of attending school? How much should be included for room and board. 2. What would be the implicit cost of attending college next year? 3. What would be the total opportunity cost of attending college next year
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