Mark E for explicit cost and I for implict cost This a perso

Mark E for explicit cost and I for implict cost This a person trying to determine the opportunity cost of going to school instead of working.

A.

Tuition $7000

books/supplies 1000

foregone salary $35000

Home computer 1500

B. What are the total opportunity cost for the person in question

Solution

Req A: Tution Explicit Book Supplies Explicit Foregone Salary Implicit Home Computer Implicit Req B: Total Opportunity Cost: Tution fees paid 7000 Books purchased 1,000 Salary forgone 35,000 Home computer 1,500 Total Opportunity Cost: 44,500