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Life choices from an economist point of view. You are to write a reply, from an economist point of view, answering the questi

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Answer #1

There are two choices in the question, first is to go to college and second is not to go to college.

In case first option is chosen means going to college, the costs involved is the fees of the college and the salary foregone during the study period and the benefits is the increased salary after the study. Hence PW of this option will be (PW of benefits-PW of costs)

In case second option is chosen means not going to college, there is no costs involved and and the benefits is the existing salary for the entire period.Hence PW of this option will be (PW of benefits)

Selection will be made based on the PW of option. Choice with the higher PW will be selected

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