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

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11-02-2018
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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

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TheSandman1337 TheSandman1337 · Answer 1 · 2018-02-17T18:32:02+01:00

We have that the student gains the same reward completing any one of the three programs; thus the program with the least cost is optimal. We have that the first program costs 38.600$. Nevertheless, we need to also account for the lost opportunity, which is 2000$ per month. Thus, instead of going to the program, the student could have saved 38.600$+6*2000$=50.600$. Now for the 12month program, we have similarly 35.000$+12*2000$=59.000$. Finally, for the 15month program, the calculation yields: 28.600$+15*2000$=58.600$. We see that the best program to attend is the 6-month one (lowest total opportunity cost); despite it being the most expensive one, after completing it the student can make up for it by grabbing the other opportunity and making 2000$ per month (in the other programs, the student cannot work for 6 or 9 months more than this program).