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2. You have been going to school full time for two quarters. In the third quarter,...

2. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.

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Answer #1

The opportunity cost is the benefits which has been forfeited for choosing the next best option. For example, if a person starts his own business by leaving a job then the salary which he would have earned in the job is the opportunity cost of starting his own venture.

In this case, the student has opted for the job and decided to take fewer classes. This will take a longer time to complete his credits and it means it will take longer time to complete his studies towards the degree.


The extra time requires to complete his degree is the opportunity cost of opting the job. In monetary terms, he will lose salary for the period of time which is required to finish his degree. That is his lost income but that data such as average salary after the degree is not given in the information.

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