Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual expenses are $62600 for the tuition , $8400 for books, and $3500 for food. What is the opportunity cost for attending the graduate programe? What core principles are considered in Timothy's decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost benefit analysis (iii) Incentive principle (iv) Diminishing returns
Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual expenses are $62600 for the tuition , $8400 for books, and $3500 for food. What is the opportunity cost for attending the graduate programe? What core principles are considered in Timothy's decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost benefit analysis (iii) Incentive principle (iv) Diminishing returns
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter1: What Is Economics
Section1.2: Trade-offs
Problem 3R
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Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual expenses are $62600 for the tuition , $8400 for books, and $3500 for food.
What is the
What core principles are considered in Timothy's decision making?
(i) Scarcity, Choice and Opportunity Cost
(ii) Cost benefit analysis
(iii) Incentive principle
(iv) Diminishing returns
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