Debbie Quits Her Job, Which Pays $30,000 a Year, to Finish

question 30

Short Answer

Debbie quits her job, which pays $30,000 a year, to finish her college degree. Her annual college expenses are $10,000 for tuition, $2,000 for books, and $700 for food. What is her opportunity cost of attending college for the year?

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Definitions:

Monopolist Profit

The profit earned by a monopolist, which arises from controlling the market supply of a good or service and setting prices above marginal costs.

Maximize Profits

The process or strategy of adjusting production or operations to generate the highest possible financial gain.

Task Performance

The execution and completion of specific tasks or duties as part of one's role or job responsibilities.

Teamwork

The collaborative effort of a group to achieve common goals or complete tasks in the most effective and efficient way.