What do economists mean by utility? What is the opportunity costs of going to college?

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What do economists mean by utility? What is the opportunity costs of going to college?

What do economists mean by utility?

What is the opportunity costs of going to college?

business economics

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Answer 1

Answer #1

In economics, utility is nothing but a term used by economist which tells what is the usefulness of a particular good to the consumers on the whole.

The opportunity cost of going to college is nothing but the income that could be earned by going to work instead of going to college. Therefore majority of the students going to college think about the cost before taking a step forward in going to college.

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Answer 2

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