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Sagot :
The opportunity cost of spending one year in college for Margo would have purchased with the $10,000 plus whatever she would have earned had she not been in college.
What is a Opportunity cost?
The value of what you must give up in order to pick something else is referred to as opportunity cost in economics. It is, in a nutshell, the worth of the path not traveled. For instance, by choosing to lease a retail space in midtown Manhattan for the low cost of $10,000 per month, you are passing up the chance to lease in SOHO, the Upper East Side, or even Jersey City, New Jersey. The value of what it would have cost you to rent somewhere else is your opportunity cost, assuming that your other alternatives were less expensive.
Learn more about Opportunity cost here:
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