Thursday, April 22, 2010

Opportunity Cost- Home or Residence, Ryerson or Brock

With the deadline for University acceptances approaching rapidly on May 3rd, I have very important decisions and choices to make regarding my future. There is an opportunity cost related to both University scenario's for me as I am still unsure if I would like to commute to Ryerson or stay in a residence at Brock. At this stage in my teenage years I feel there is too much pressure and life changing decisions to make a choice that can impact our careers and future life so significantly. But fortunately I have narrowed my decision down to two choices. My main choice would be to go to Brock university and end up with a degree in Sports Administration. Going to Brock would mean I would live on campus and in residence, have a set meal plan and have plenty of other costs to make life away from home more convenient. My second option would be Business Management at Ryerson University in the Ted Rogers School of Business. This would mean I would have to commute daily by the Viva bus, and then the Subway, which are both public transportation systems I do not trust, would want to rely on or deal with the traffic and time taken away from anything I would be doing that would benefit me like finishing homework. The commute to Ryerson University takes roughly an hour and a half, but could take past two hours depending on the time of day. Commuting to Ryerson would mean I would have to buy monthly passes for the subway and Viva which would cost roughly $150/month. Commuting to Ryerson would also mean I could work more often and earn more money to pay off school expenses, since I make $10.50/hour, over time this would help cover some necessary expenses instead of the very odd weekend I would come back from Brock and have the opportunity to go to work for a shift or two. This is one of the main opportunity cost situations that will alter my decision. I will also leave my family, relatives and friends as I will literally be isolated from all people I am comfortable with and have to enter unfamiliar surroundings and deal with issues and problems by myself. This is also another form of opportunity cost weighing in on my decision. Since tuition to both programs is the same at about $5000, in Ryerson I would have to pay $150 multiplied by eight months of school which would be $1200. That would push the yearly total to just over $6000. With Brock University the cost would include $5000 tuition, roughly $12000 including a meal plan, this places the Brock total to over $17000. These calculations are just looking at immediate needs and costs and it excludes costs like textbooks and other fees. So looking at the totals now I would save about $11000 by choosing Ryerson over Brock. This is the main factor related to opportunity cost, is the fact that there would be thousands of dollars saved by going to Ryerson. In the end I will have to choose between my number one choice of study being in Brock or save money for a more general type of study that would second choice in Ryerson. Hopefully the decision I make will not be a pressured one that will not lead me where I want in my career and future ambitions.