Final answer:
The total opportunity cost of attending college for one semester, which includes tuition and fees, rent and meals, books and supplies, haircuts, and lost wages, amounts to (a) $10,320.
Step-by-step explanation:
The question asks for the calculation of the total opportunity cost of attending college for one semester. Opportunity cost includes both the direct costs and the value of the next best alternative that is foregone, which in this case is the lost wages due to attending college. To calculate this, we will add the direct costs listed (tuition and fees, rent and meals, books and supplies, and haircuts) to the lost wages. The sum is as follows:
- Tuition and Fees: $4,000
- Rent and Meals: $950
- Books and Supplies: $750
- Haircuts: $120
- Lost Wages: $4,500
Therefore, when we add these costs together ($4,000 + $950 + $750 + $120 + $4,500), the total opportunity cost that the student incurs is $10,320. This reflects both the monetary costs and the lost opportunity to earn wages while attending classes and studying.