If a student decides to spend two hours studying for a test instead of working a part-time job, what is the opportunity cost of studying?

The opportunity cost of studying for a test instead of working a part-time job is what the student gives up by not working. In this case, if the student could have earned money during those two hours, the lost wages represent the opportunity cost. For example, if the student usually makes $15 per hour at the job, then the opportunity cost of studying for two hours is $30. This means the student has to consider whether the benefits of studying, like getting a better grade, are worth more than the money they could have earned. Understanding opportunity costs helps students make better decisions about how to spend their time.