Suppose your college charges you separately for tuition and for room and board.

What is a cost of attending college that is not an opportunity cost?
What is an explicit opportunity cost of attending college?
What is an implicit opportunity cost of attending college?

To answer these questions, let's first understand the concepts of opportunity cost and explicit/implicit costs.

Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. It is the cost of choosing one option over another.

Explicit costs are the actual out-of-pocket expenses incurred in pursuing a particular choice or opportunity. These costs involve direct monetary transactions, such as payments for tuition or books.

Implicit costs, on the other hand, are the opportunity costs associated with non-monetary resources or opportunities that are sacrificed or foregone. They can include the value of time, foregone income, or any other missed opportunities that could have been pursued instead.

Now let's apply these concepts to the cost of attending college:

1. A cost of attending college that is not an opportunity cost:
The cost of attending college that is not an opportunity cost would be the direct, explicit costs. These are the expenses that you pay directly, such as tuition fees, room and board charges, textbook fees, or any other expenses related to your education that involve actual monetary payments. These costs do not represent the value of alternative options forgone; they are the actual expenses you have to pay.

2. An explicit opportunity cost of attending college:
An explicit opportunity cost of attending college would be the foregone income or employment opportunities that you could have pursued instead of going to college. For example, if you choose to attend college instead of working full-time, the income you would have earned from that job is the explicit opportunity cost of attending college. It is a quantifiable, measurable cost that is given up in order to pursue higher education.

3. An implicit opportunity cost of attending college:
An implicit opportunity cost of attending college includes the value of the time and resources you invest in your education, which could have been used for other purposes. For instance, the time you spend studying or attending classes could have been utilized for other activities like starting a business or gaining work experience. The value of those activities forgone, such as missed internships or potential networking opportunities, represents the implicit opportunity cost of attending college.

It's important to note that opportunity costs can be subjective and vary from person to person based on individual circumstances and preferences.