3. Larry was accepted at three different universities and must choose one. Elite U costs $50,000 per year and did not offer him any financial aid. He values attending Elite U at 60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered him a full $20,000 annual scholarship. He values attending NoName at $15,000 per year. What is Larry's opportunity cost of attending Elite U? a. $15,000 b. $20,000 C. $50,000 d. $70,000

3. Larry was accepted at three different universities and must choose one. Elite U costs $50,000 per year and did not offer him any financial aid. He values attending Elite U at 60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered him a full $20,000 annual scholarship. He values attending NoName at $15,000 per year. What is Larry's opportunity cost of attending Elite U? a. $15,000 b. $20,000 C. $50,000 d. $70,000

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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