Maximum Output
Italy: Wine- 1000, Tables- 200
Greece: Wine-200, Tables 100
Question: As a Student, you are currently paying $5,000 in tuition annually. You work and decide you want to devote more time to your studies to increase your grade point average (GPA); therefore, you give up your job earning $25,000 annually. You expect that when you graduate you will earn $40,000 annually. It takes you one year to complete your studies.
a. Explain the concept of opportunity cost.
b. Is it beneficial to quit your job? Why or why not?