Suppose your expenses for this term are as follows: tuition: $28,000, room and board: $9,000, books and other educational supplies: $2,500. further, during the term, you can only work partminustime and earn $16,000 instead of your fullminustime salary of $42,000. what is the opportunity cost of

$ 56,500

Explanation:

Given:

Tuition expenses = $ 28,000

Room and board expenses = $ 2,500

Earning from the part time = $ 16,000

Fulltime salary = $ 42,000

Now,

the opportunity cost is given as:

= Full time working salary + (sum of expenses) - Earnings

on substituting the values, we get

opportunity cost = $ 42,000 + ( $ 28,000 + $ 2,500 ) - $ 16,000

or

opportunity cost = $ 56,500

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