Question

What is opportunity cost. What is your opportunity cost of attending college?

Please answer in 350 words and word format only.

Answer 1

Opportunity cost can be defined as the production of output which is given up for producing some additional units of another output. In other words it the lost opportunity due to taking next best alternative instead of taking best alternative.

There may be a lot of the opportunity cost of attending college for example a student may earn during this time, or he can takes dance classes, music classes or he may take care of his father business etc. Since the opportunity cost depends upon the student background, if he is rich, then he may take care of his father business in which there is no need to college education. So for the rich student it will be more because he may lose a lot of money by attending the college.

So if any students is not able to learn music due to attending the college, then he cannot be a musician. So for this student, the lost of the opportunity of becoming a musician is opportunity cost for attending the college.

But for a poor student, the opportunity cost of attending college will be less, because without college education, he cannot earn much, but if he had attended the college, then after college he may earn some good salary. So for him the opportunity cost of attending the college will be less.

There is an opportunity cost for attending college. Opportunity cost is what is given up when a scarce resource is used in a certain way. Hence by attending college, a student would be giving up the money that would be earned by working at a job full time. Usually when a student attends college full time, the student delays entry into the workforce on a full-time basis until college is fully completed. So it is restriction for the student until he complete his college education.

In conclusion, it can be said that there is opportunity cost of attending college for every student but it may be lower for some student and it may be more for the some students. But the opportunity cost of attending the college is for everyone.