Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food. a) What is his opportunity cost of attending the graduate program? b) What core principles are considered in timothy's decision making? scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns
Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food. a) What is his opportunity cost of attending the graduate program? b) What core principles are considered in timothy's decision making? scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 3SQ
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Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual school expenses are $60 000 for tuition, $8000 for books, and $1400 for food.
a) What is his
b) What core principles are considered in timothy's decision making?
scarcity,choice and opportunity cost , cost-benefit analysis, incentive principle or diminishing returns
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Author:
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Publisher:
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