If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester (same as if not attending college), then your opportunity cost of attending college this semester is
A. $26,500.
B. $26,800.
C. $31,000.
D. $38,500.
Answer: C
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Answer the following statement true (T) or false (F)
The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?
A) 7.3 percent B) 14.4 percent C) 25.5 percent D) There is insufficient information to answer the question.
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Answer the following statement true (T) or false (F)
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