Lutfi was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Lutfi any financial aid. Lutfi values attending Elite U at $60,000 per year. Public College costs $30,000 per year, and offered Lutfi an annual $10,000 scholarship. Lutfi values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Lutfi a full $20,000 annual scholarship. Lutfi values attending NoName at $15,000 per year.

24.

The opportunity cost of attending Elite U is

A.

$50,000

B.

$10,000

C.

$20,000

D.

$15,000

25.

The opportunity cost of attending Public College is

A.

$30,000

B.

$20,000

C.

$15,000

D.

$10,000