Question

Microencomic

The concept of Opportunity Cost is one of the most misunderstood concepts in Microeconomics. Therefore, an extra effort in the literature survey is recommended prior to articulating your answers for this week's coursework.  

Hint: opportunity cost is NOT an outcome of a decision.

Let's discuss the cost of attending college. Some of the more common expenses that come to mind include the explicit costs of tuition, books, and room and board. But what about the implicit costs or what are known as opportunity costs? Even though these are implicit costs, they most certainly are real costs!

Let's explore the idea that cost is not always an explicit payment but also a loss. Considering this what would you list as implicit or opportunity costs that you have incurred as a result of your decision to attend school?

What would be some opportunity costs if you decided not to attend college?

Answer 1

Ans

The oppurtunity cost of attending school is loss in time that one can use to for other purpose like playing games, entertaining etc

The oppurtunity cost of attending college is loss income that I could earn by working in best alternative job or work