Consider the following costs that a student incurs by

attending a public university for one semester: $3,000
for tuition, $1,000 for room and board, $500 for
books and $3,000 in after-tax wages lost that the student
could have earned working. What is the total opportunity
cost that the student incurs by attending college
for one semester?

Ggy

Your text is yellowing.

Here are current numbers for the University of Texas (Hook'em)

Tuition: $5107 per semester
Room and meals: $5282 per semester
Books, etc.: $450-500 per semester

In order to prvide the best education, the legislature voted to increase college tution for all state colleges; Assume college tution was 1,250 does this act as a price ceiling?

To calculate the total opportunity cost the student incurs by attending college for one semester, we need to add up all the costs mentioned: tuition, room and board, books, and the income lost from not working.

1. Tuition: The cost for tuition is given as $3,000.

2. Room and board: The cost for room and board is given as $1,000.

3. Books: The cost for books is given as $500.

4. Lost wages: The student could have earned $3,000 in after-tax wages if they had been working instead of attending college.

Adding up all these costs, we get:

Total opportunity cost = Tuition + Room and board + Books + Lost wages
= $3,000 + $1,000 + $500 + $3,000
= $7,500

Therefore, the total opportunity cost that the student incurs by attending college for one semester is $7,500.