Opportunity Cost

Instructions:-

In Chapter 2, (Hubbard – O’brien-Microeconomics) you learned about the concept of opportunity cost, and the Section 2.1 review video demonstrated this concept. In your initial post, respond to the following:

• Describe various opportunity costs of attending a four-year college (assuming a full-time schedule). Given these opportunity costs, why do people choose a four-year college experience?
• In your own life, what are the trade-offs you face when choosing online classes versus traditional face-to-face classes?

Solution

Opportunity Cost Assignment Help.

I have attended both a tradition college setting and an online college setting.  By attending a four-year college, the opportunity cost would be utilizing students as a resource.  What I mean by this is, the question that one may want to ask but doesn’t because they feel that it is a “stupid question” but another student asks the same question.  This may force a student to learn more since the material out of fear of being put in front of the class and not knowing how to solve an issue.  Another cost opportunity is social networking, this can cause a student to interact with their peers and possibly benefit from the new friendship.  Down side to this is if a student needs to have a full-time job, their schedules may conflict with their school schedule and this could cause the students grades to slow go down.  On the other hand, upon completion of college their pay bracket may be higher than if they never attended.  An example of this would be, when I attended a face-to-face college I would miss many opportunities of getting over-time because I would have to attend class.  I felt that I missed too much extra money.  I want to say I missed out about $5,000 – $10,000 so by attending online college it helps with money. 

The trade-offs that one faces when choosing online classes versus tradition face-to-face classes, one of the big factors is time.  Where you go to a face-to-face class it takes about 3 to 4 hours in the class when one may understand the concepts that are being mentioned.  Online classes allow the student to read, post discussions, do homework or test, and whatever other type of college experience is need to get the class complete at whatever time is convenient for the student.  For me this means studying and homework starts at 9pm and ends around 12pm or 1am central time.  This can help the student not only balance their school life but also their work and personal life.  Downside of online learning is that the answers aren’t always immediate and if the question comes up at the last minutes one may hope the teacher is online during the posting of said question or another student who may understand the content.  Financial wise, gas is being saved, wear and tear on my vehicle, and food (or alcohol).  The last part is because whenever one has study groups with their peers in a traditional college, one or both are going to be needed for the study group to start.  Now that I am attending online college I can accept the overtime work that is being offered and know that I can just attend class at midnight, 1am, or etc., or maybe “not attend” class that night and just study the class the next day.