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An individual is evaluating four mutually exclusive summer options:
- Option 1: A paid internship that provides a total income of $6,000 but incurs commuting costs of $500.
- Option 2: A local retail job that provides a total income of $4,800 with commuting costs of $200.
- Option 3: Traveling abroad, which costs $4,000, but the individual values the experience at $8,000.
- Option 4: Taking summer classes, which cost $2,000 in tuition, but the individual values the benefit of graduating earlier at $3,000.
If the individual chooses the option that provides the greatest net benefit, what is the value of the surplus gain they receive from this decision?
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An individual is evaluating four mutually exclusive summer options:
- Option 1: A paid internship that provides a total income of $6,000 but incurs commuting costs of $500.
- Option 2: A local retail job that provides a total income of $4,800 with commuting costs of $200.
- Option 3: Traveling abroad, which costs $4,000, but the individual values the experience at $8,000.
- Option 4: Taking summer classes, which cost $2,000 in tuition, but the individual values the benefit of graduating earlier at $3,000.
If the individual chooses the option that provides the greatest net benefit, what is the value of the surplus gain they receive from this decision?