You are planning to attend college next year. The total cost of tuition and textbooks is $10,000. If you go to school, your room and board will cost you $5,000. If you did not go to school, however, you would live at home, and your total room and board would only be $1,000. Additionally, if you did not go to college, you would work a job making $20,000 for the year. 1. In terms of room and board alone, what would be opportunity cost of attending college. Be sure to explain your answer
2. What are the explicit costs of attending school? How much should be included for room and board?
3. What would be the implicit cost of attending college next year?
4. What would be the total opportunity cost of attending college next year?