Your University Charges an Annual Tuition of $18200

question 27

Short Answer

Your university charges an annual tuition of $18200. You agree to take part in a work-study program, and your annual tuition is reduced by 12%. What will be your reduced annual tuition? Give your answer as a decimal rounded to the nearest hundredth.

---

Definitions:

Production Possibilities Curve

A graph that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Bowed Outward

Refers to the shape of a production possibility frontier that shows increasing opportunity costs as production shifts between two goods.

Absolute Advantage

A situation in which a nation, as the result of its previous experience and/or natural endowments, can produce more of a good (with the same amount of resources) than another nation can.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its trading partners, leading to specialized production and trade benefits.