Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, other materials, gas, meals, etc.) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a year. Show your work! You won't get credit if you provide only the final.

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To calculate the opportunity cost of attending college in one year we need to consider the income fo... View the full answer