Use the information in Table as well as the assumption about foregone income made in the chapter to calculate the average opportunity cost of a year in college for a student at a four-year private institution under each of the following assumptions:
a. The student receives free room and board at home at no opportunity cost to the parents.
b. The student receives an academic scholarship covering all tuition and fees (in the form of a grant, not a loan or a work study aid).
c. The student works half time while at school at no additional emotional cost.

Type of Institution Tuition and fees Books and supplies Room and board Transportation and other expenses Total out-of-pocket costs Two-Year Public Four-Year Public $2 402 $1,036 $7.341 $3.275 $6,585 $1.077 $7.748 $2.916 Four-Year Private $25,143 $1.054 $8,989 $2,204 $14,054 $18326 $37.390