Question

Explain your opportunity cost of taking this course at WCJC. Analyze your marginal benefit and costs of a recent decisions that you have had to make. How did economics influence your decision?

Initial post: 3-4 paragraphs, must have at least an in-text citation and reference in APA formatting

Answer 1

The opportunity cost of taking a course at WCJC is the money that could have been earned by working in a company and the salary earned from working because working elsewhere is the next best alternative rather than taking the course at WCJC.

The marginal benefit from taking the course in WCJC is the hike in the salary that one will get after completing the course. The salary earned now will surely be less than the salary that could be earned after completing the course in a year. Also the knowledge gained from the course is another benefit derived from the joining the course at WCJC. The marginal cost involved is the tuition fees of the course, cost of stationary, cost of transportation, hostel fees etc,

Economics play an important role in influencing our decision whether to take up the course or not. Since the marginal benefit derived from joining the course is more than the initial marginal cost involved, thus the economics will suggest that the person should join the course. Marginal Analysis play an important role not only in making individual decisions but also at firm level. In the above case also marginal analysis of the decision shows that the person should take the decision to join the course.