text Times New.. B CD 2 3 B. Opportunity Cost 1. It takes most people about eight years to obtain a doctorate degree. People who earn such a degree will pay about $25,000 per year in tuition. Their opportunity cost in lost wages will average about $20,000 a year, and their lifetime income will average $80,000 a year for 40 years. However, if they stop their education after four years of college, their income will average $50,000 a year for 44 years. If they don't go to college they will earn an average of $20,000 per year for about 50 years. a. What is the opportunity cost of getting a doctorate degree? (How much per year?) 2. The lesson and Part A above used the example of studying for a test to understand the law of diminishing returns. a. What would be some opportunity costs of studying for your test? b. What would be some opportunity costs if you chose to do something else other than study for your test