Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $25,000 per year. Assume that if you decided not to go to college, your parents would not let you live at home. What is your opportunity cost for four years of college?

Explanation:

Opportunity cost is the cost that a person has to bear if he does not do the next best thing available for him . For joining college , he shall have to forego the benefit of joining high school .

Salary for four years = 4 x 25000 = 1,00,000.00

He shall have to bear tuition fee and for text book .

expenses for tuition fee = 4 x 15000 = 60,000.00

expenses for text book = 3000 x 4 = 12000.00

expenses for room rent and boarding will not be included in the opportunity cost as this expense is not related with joining the college . It is so because he shall have to bear this expense even though he does not join the college as his parents are not paying these expenses .

So total opportunity cost of joining college = 1,00,000.00 + 60,000.00 + 12000.00 = 172000.00

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