Suppose Your Expenses for This Term Are as Follows: Tuition

question 190

Multiple Choice

Suppose your expenses for this term are as follows: tuition: $28,000, room and board: $9,000, books and other educational supplies: $2,500.Further, during the term, you can only work part-time and earn $16,000 instead of your full-time salary of $42,000.What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?

• A)$36,500
• B)$56,500
• C)$65,500
• D)$72,500

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values differ from the mean.

Descriptive Statistics

Statistical procedures that organize and summarize research data.

Statistically Meaningful

Refers to results or data that are significant enough from a statistical standpoint to indicate a non-random pattern or effect.

Inferences

The process of drawing logical conclusions from premises known or assumed to be true.