Answer:
A rational person would attend one year of college if the additional income and the improved quality of life were worth more than the cost of attending college for the year or more than $19,500
Explanation:
The given parameters are;
The tuition cost for a year of college = $17,000
The cost of books and supplies = $1,000
The cost for a computer = $1,500
The amount of forgone salary = $35,000
Therefore, the total cost for a year of college = $17,000 + $1,000 + $1,500 + $35,000 = $54,500
However, the amount by which a year in college exceeds the previous income = The cost of going to college $17,000 + $1,000 + $1,500 = $19,500
Therefore, a rational person would attend one year of college if the additional or extra income above the previous income and the improved quality of life were worth more than the cost of going to college for one year which is $19,500.
