Margo spends $10,000 on one year's college tuition. the opportunity cost of spending one year in college for margo is:_____.

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06-09-2022
Business

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Margo spends $10,000 on one year's college tuition. the opportunity cost of spending one year in college for margo is:_____.

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88op 88op · Answer 1 · 2022-09-09T05:47:57-04:00

Margo spends $10,000 on one year's college tuition. the opportunity cost of spending one year in college for Margo exists: whatever she would have purchased with the $10,000 plus whatever she would have attained maintained she had not been in college.

What is opportunity cost?

The value or benefit forfeited by engaging in a specific activity in comparison to engaging in a different activity is known as the opportunity cost of that activity. Simply put, it means that if you choose one activity, you forfeit the chance to do another. The opportunity cost is the amount of time spent learning and the money that could be used elsewhere. When a farmer decides to grow wheat, there is an opportunity cost associated with not doing so or using the resources in another way (land and farm equipment).

The value of what you must give up in order to pick something else is referred to as opportunity cost in economics. It is frequently described as the second-best choice. The loss of gain that would have been realized if a different option had been chosen is sometimes referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it.

Hence, Margo spends $10,000 on one year's college tuition. the opportunity cost of spending one year in college for Margo exists: whatever she would have purchased with the $10,000 plus whatever she would have attained maintained she had not been in college.

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What is opportunity cost?

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