Material Detail

Students calculate the opportunity cost for an activity that is very relevant to their lives—attending class. Explicit costs of attending school for one semester are identified and then reduced to a per class amount. Identification of the implicit cost entails listing several alternatives and estimating a per class amount for the alternative with the highest value. The opportunity cost of attending one class is the sum of the explicit and implicit costs. Not only do students benefit from a practical application of an important economic concept, they also become more aware of the importance of attending class!

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