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IN OTHER WORDS…
Accoun-
ting Cost
Oppor-
tunity Cost
Tuition $100,000 $100,000
Books $4,500 $4,500
Housing $50,000
Foregone Earnings $180,000
IN OTHER WORDS…
Year Nominal
Value
Average
Price
Real
Value
2014 $4,000 100 40
2015 $4,180 110 38
2016 $4,800 120 40
APPLY YOUR LEARNING
APPLY YOUR LEARNING
IN OTHER WORDS…
Number
of
Workers
Amount of
Machinery
Total
Output
Marginal
Product
1 $4m 10 10
2 $4m 24 14
3 $4m 39 15
⋮ ⋮ ⋮ ⋮
17 $4m 255 15
18 $4m 267 12
APPLY YOUR LEARNING
0
20
40
60
80
100
120
140
160
199
5
199
6
199
7
199
9
200
0
200
2
200
3
200
4
200
6
200
7
200
9
201
0
201
2
201
3
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