Question

after graduating from high school Ron plans to go to college the college tuition is fifteen thousand dollars a year but instead of going to college want to take the full time job paying $20,000 a year if he goes to college what is his opportunity cost for attending for one year show the calculations

Answer 1

in my opinion opportunity cost will be 15 000.when you choose to go to college you refuse to work and earn money.so,forgone alternative is working( earning 15000).

Answer 2

opportunity cost = forgone income =20000