Timothy quits his job, which pays $50400 a year, to enrol in a 4-year graduate program. His annual school expenses are $50800 for tuition, $8000 for books, and $3600 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost-Benefit analysis (iii) Incentive Principle (iv) Diminishing Returns

Timothy quits his job, which pays $50400 a year, to enrol in a 4-year graduate program. His annual school expenses are $50800 for tuition, $8000 for books, and $3600 for food. What is his opportunity cost of attending the graduate program? What core principles are considered in Timothy's decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost-Benefit analysis (iii) Incentive Principle (iv) Diminishing Returns

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 4SQP

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2) This MCQ from MICROECONOMICS course.
How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.