Jocelyn Delgado Martinez - 1.21 x https:// www.openoccapply.net/ x G apple stock - Google Search * y/ SONY eb/viewer.html? state=*7Bids"3A%58"1 xbUxDw37nisJ8Bc_8M5j040Ma5x168jk~%50%2C"action%3A"open"%2C"userld"> Jocelyn Delgado Martinez - 1.2.1 Thinking Like an Economist- Case Study 1.pdf Case Study #1- Read the scenario and answer the questions given only the information below. Congratulations, you just graduated from high school! You plan to attend a local 2-year junior college and you're deciding where to live. You can live with your parents rent-free but you won't have as much personal freedom. A one bedroom apartment is $2000/mo or you could move in with a roommate for $1200/mo. Your parents are willing to cover your junior college tuition so you can save money to pay to transfer to a 4-year university. Your parents will also cover your car payment and car insurance but you still need to pay for parking which Is $20/mo. If you move into an apartment, you estimate your utilities (electricity, water, trash, etc.) to be about $280/mo. That would be cut in half if you have a roommate. You have a cell phone bill of $80/mo and food will cost about $250/mo if you don't live at home. After federal and state taxes, you earn $20 an hour and can work 100 hours a month while going to school full-time. 1. What is your total monthly income? 2. What are your estimated monthly expenses if you move into a one-bedroom apartment? 3. What are your estimated monthly expenses if you move in with a roommate? 4. Identify at least two additional expenses that are missing from your estimate. 5. List several benefits and costs of moving into a one bedroom apartment. Benefits: Costs: 6. List several benefits and costs of moving in with a roommate Benefits: Costs 7. List several benefits and costs of living with your parents Benefits: Costs 8. Use the concept of opportunity cost to explain which option you would choose hp