Josh Has Decided to Take a Course at the Local

question 1

Essay

Josh has decided to take a course at the local community college that could help him get a promotion at work.The course begins at 5 p.m.and goes until 9 p.m.on Monday nights.Josh normally works until 5 p.m.each day,but because of the drive time to the community college,he will need to leave work at 3 p.m.on class days.Josh currently earns $18.50 per hour.His employer contributes 10% of Josh's gross earnings to a 401(k).If the class meets 16 times,what is Josh's total opportunity cost for the class.
(a)$592.00
(b)$800.00
(c)$651.20
(d)None

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Definitions:

Quantity of Labor

The total hours of labor provided by workers for the production of goods and services.

Theory of Education

The Theory of Education explores the processes and factors influencing learning, teaching, and the overall educational system.

Innate Productivity

The natural or inherent ability of an individual, firm, or country to produce goods and services efficiently.

Above-Equilibrium Wage

A wage rate set above the market equilibrium, where the quantity of labor supplied exceeds the quantity of labor demanded, often leading to unemployment.