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Micro Economics Questions - Essay Example

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[You do not have to turn in money amounts, but it may be useful for you to consider the value of your leisure time, forgone work, and so on.] What is the approximate percent of the opportunity cost each? What is the greatest cost of college? Answer: The opportunity cost of going to the college is the amount of money the college goers would have earned if he would have worked elsewhere. On one hand the college goers loose the salary of four years while trying to get the degree and on the other hand the college goers expect to earn more during the course of the career. The opportunity cost is zero for the students who manages to have the fees to be paid by others as well as for those for whom the higher degree provides higher income in the long run. The components of opportunity costs are tuition fees, time, salary, cost of books, salary that could have earned. The percentage of opportunity cost will depend on the money value associated with the costs. The greatest cost of going to the college is the tuition fees of the college where the college goers decide to take the admission. Question 2 What do we mean by a "decision taken on the margin"? Define and give an example of an economic decision you make on a marginal basis. Can you think of a decision that is taken not on a marginal basis but on the basis of total cost or average cost? Answer: One of the key factors of decision making is the decisions which are taken at the margin. In this case the decision maker takes into account the marginal

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What is the approximate percent of the opportunity cost each? What is the greatest cost of college? Answer: The opportunity cost of going to the college is the amount of money the college goers would have earned if he would have worked elsewhere…
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