Question

2. You are trying to decide if you will pursue a degree in Agricultural Economics

starting next September at UWO (University of Wellandport Ontario).

a) Define opportunity cost. What are five opportunity costs of your decision to attend

UWO? Which of these factors is most important to you? Why?

Answer 1

a) opportunity cost is the cost of next best alternative are the the one that is sacrificed in order to achieve a particular task

Opportunity cost of pursuing a degree in agricultural economics in Ontario

are

1) lost wages that I could have earned here back in Texas if I work instead of studying

2) meeting parents every week they stay here in the downtown

3) partying with close friends every weekend

4) going out on a dinner with colleagues of the office

5) the local food

Among the above mentioned opportunity cost, can be mentioned that the lost wages can be considered as the important one because I would be losing 2 years of earnings to pursue the course and the should be compensated after getting a job later on a higher scale and this would be in my mind