Problem
As a college student, you live with your favorite aunt and uncle, who charge you no rent. However, you do face the following costs each semester. Your school fees are Php 2,000; your books and supplies Php 5,000; your food Php 3,000; and your entertainment expenses Php 1,500. If you were to work full time, you could earn Php 15,000 in salary over a semester.
i. What is the accounting cost of a semester of college?
ii. What is the opportunity cost of a semester of college?
iii. Based on the information in questions i and ii, for what reasons would you attend college?