Calculate the explicit costs and the implicit costs

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The costs of attending a state college for one year are $2,000 for tuition, $1,500 for the room, $1,000 for meals, and $500 for books and supplies. As an alternative the student could earn $13,000 by getting a job instead of going to college and, in addition, ear 8 percent interest by saving the money not spent on attending college. Calculate a) the explicit costs b) the implicit costs c) the total economic costs that the student faces by attending college for one year.

Reference no: EM131198040

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