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This context rich problem asks students to apply economic concepts to a real-world issue. Not only has the cost of higher education been regularly discussed in the news, but it is also a topic to which students can directly relate and observe how economics concepts apply in every day decisions.Students are asked to write a letter to a roommate who is considering whether to return to the university next semester. In the letter, the student is asked to explain to the roommate the expected benefits and costs of continuing with their education. Specifically, they are asked to specify both the explicit and implicit costs.

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