1. You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. Which of the following are included in the true cost of going skiing? Check all that apply.
1. The rental of any ski equipment you need
2. The cost of a lift ticket
3. The cost of your ski jacket you purchased last year
4. The wages you forgo by going skiing
2. Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Check all that apply.
1. The value of your time spent studying
2. The cost of a lift ticket
3. The rental of any ski equipment you need
4. The cost of your ski jacket you purchased last year
5. The wages you forgo by going skiing