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About this document
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- 3 pages
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- $3 one-time, yours to keep
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- Subject
- Economics, Education
This document discusses the opportunity costs of taking a course at Strayer University, and how marginal cost and benefit were applied to the decision to pursue a college degree. It is a written assignment.
What's inside
- Opportunity costs of taking a course at Strayer University
- Opportunity cost definition and examples
- Two ways of applying marginal cost and benefit
- Calculating total benefit and total cost
- Present value of benefits and costs of a college degree
Who it is for: Students taking a course at Strayer University. (Undergraduate)
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Summary
Opportunity costs and marginal costs and benefits are economic concepts. Students learn how to apply these ideas to decisions about education.
Opportunity costs of study
Opportunity costs are what you give up to do something else. These costs are what you forgo to take a course. Examples include lost income and leisure time.
Marginal costs and benefits
Marginal costs and benefits help in making decisions. They are the extra costs and benefits of doing something. They help compare different choices.
Applying marginal costs and benefits
Two methods for using marginal costs and benefits are described. One compares total benefits and costs. The other compares present values of benefits and costs.
Key terms
- opportunity cost
- The value of what you give up to do something else.
- marginal cost
- The extra cost of doing one more of something.
- marginal benefit
- The extra benefit of doing one more of something.
- present value
- The current value of a future sum of money.
Questions this document helps with
- What are the opportunity costs of studying?
- How do marginal costs and benefits help in making decisions?
- What are the two methods for applying marginal costs and benefits?
Summary written with AI from the document's text.
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