Question

What is your opportunity cost of taking an economics class? What are the marginal benefits and marginal costs of taking a course online as opposed to on the campus?

Answer 1

Opportunity of taking an economic class is forgone moments of other activities such as playing games, watching movies, learning subjects other than economics.

If we choose the online course over campus course then Marginal benefits are as follows

1) No transportation cost, No Campus fees to be paid only minimal tution fees to be paid that too 1/10th of campus tution fees

2) Learning expereience in lieable enviornment

3)Minimum switching cost( Can do lot other activities while taking online lectures) etc.

There are Marginal costs as well

1) No live interaction with the teacher which downgrades the quality of understading the concepts.

2) It is observed study under no supervision brings meagre output than that of when supervision is provided.

3) Online course lacks agility as this courses are for all the audinece for which teacher doesnt know each one's strength and weaknesses where in onfield teaching this shortcoming is overcome as number of classes increase.