Problem
Suppose you are making a decision on whether to attend a college or work after your high school, and two-year college education costs are given as follows (costs per year):
Tuition $6,500
Books and school supplies $1,500
Room and board $12,000
Transportation $2,400
Other miscellaneous $2,000
If you decide to work, then a labour market report shows that you could earn $20,000 per year. If you decide to study, what would be the opportunity cost of your study?