Question

Before you started applying for college, a job recruiter offered you a full-time cashier position at a department store, earning an after-tax salary of $24,000 per year. However, you turn down this offer and attend your first year of college. The additional monetary cost of college to you, including tuition, supplies, and additional housing expenses, is $38,000.You decide to go to college, probably because:_______

Answer 1

Answer:

Because as an individual or person i value a year of college at more than $62,000

Explanation:

Solution

Because a year of college at more than $62,000  is valuable or important to me.

It is important to know that the total opportunity cost of attending the first year of college is the total of the lost earning and additional monetary cost of college.

Since you expect that college education is going to give you a greater economic earnings then you are valuing college education in the first year more than $63,000 which is its opportunity cost .

Answer 2

Because as an individual or person value a year of college at more than $62,000

The calculation is as follows;

= after tax salary + additional cost incurred

= $24,000 + $38,000

= $62,000

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