Question
Gabriella has decided to complete a one year master's degree in Sociology. The tuition fee is $3,000 and she expects to spend $700 in textbooks.
Gabriella has decided to complete a one year master's degree in Sociology. The tuition fee is $3,000 and she expects to spend $700 in textbooks. She is going to give up her full-time job with an annual salary of $25,000 but she is going to work part time as a research assistant at the department of Sociology which will give her a salary of $5,000 per year. Her living expenses (food, rent, cloth, etc.) will remain the same as before, and amount $18,000 a year. What is the opportunity cost for Gabrielle to pursue a master degree?What is the total economic cost of her decision?
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