Business, 17.04.2020 21:30 makennahudson94

Research was conducted by professor Jobs to check which one program out of three given programs is the optimal choice for a student. The three options are a 6 month, a 12 month, or a 15 month program. Important information considered by the professor in his research is how much a student pays in tuition and fees for a given program within different time spans. The program is intensive, so it can be completed faster but at higher costs. The three programs yield the same benefit for the student. The program can be completed in 6 months, 12 months, or 15 months. The tuition and fees are $38,600, $35,000 and $28,600 respectively. Professor Jobs assumes the opportunity cost of time to a student for the program is $2,000 per month. Therefore, the professor concludes that the optimal decision for the student is to choose the month program.

If professor Jobs assumes the opportunity cost of time to a student for the program is $500 per month instead of $2,000 per month, then the $2,000 per month Cost Curve lies the $500 per month cost curve.

The optimal program for students when the opportunity cost of time for the program is $500 per month when compared to the scenario with the opportunity cost of time is $2,000 per month.

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