1. The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, and so on. Think about whether room and board should be considered a cost of college. What are your opportunity costs of going to college?Calculate in dollars your opportunity costs of going to college.

Reflection - in addition to your response in Step 2, please also include a paragraph in your initial response, using microeconomic terminology, reflecting what you learned from the assignment and how it could be applied to your workplace or everyday life.