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    Whether to live in a campus dorm or off campus apartment

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    Please help with the following problem. Give step by step calculations.

    Assume that you were deciding whether to live in a campus dorm room or off campus apartment

    A. list all the costs that come to mind for each alternative
    B. indicate which costs are relevant or irrelevant to your decision
    C. what are some qualitative factors that you should consider when making this decision

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    Solution Preview

    See below for your solution.

    a. list all the costs that come to mind for each alternative

    1. Will you have to pay utilities with the apartment?
    2. Is the rent comparable to living in the dorm excluding meals?
    3. Will you share a room in the dorm, and is there another alternative (single room)?
    4. Will you need to have a roommate in the apartment to equalize the cost?
    5. Will you need to purchase furnishings for the apartment?
    6. Will you have to buy kitchen things including dishes, pots ...

    Solution Summary

    The response is presented in the form of a list of questions. There are 13 questions to ask yourself for part A, and 10 questions for part C.