If your tuition is? $20,000 this? semester, your books cost? $1,000, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make? $10 per? hour, and your room and board is? $5,000 this? semester, what is your opportunity cost of attending college this? semester? Assume that the board and lodging expenses will remain the same even if you do not go to college.
A. $24,000.
B. $26,000.
C. ?$21,000.
D. ?$29,000.
If a 5 percent change in the price of a good leads to a 10 percent change in the quantity? supplied, then the supply of the good is? ________ and the elasticity of supply is? ________.
A. elastic; 0.5
B. ?inelastic; 2.0
C. ?inelastic; 0.5
D. ?elastic; 2.0