Question

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.
a.The rental of any ski equipment you need
b.The cost of a lift ticket
c.The cost of your ski jacket you purchased last year
d,The wages you forgo by going skiing

Answer 1

Answer:

a.The rental of any ski equipment you need.

b.The cost of a lift ticket.

d. The wages you forgo by going skiing.

Explanation:

The true cost in this case can also be called the opportunity cost of going skiing and it is defined as the total cost required in order to achieve the aim of going skiing.

The rental of any ski equipment you need, the cost of a lift ticket and the wages you forgo by going skiing are all included in the true cost of going skiing.

Answer 2

Answer:

a.The rental of any ski equipment you need

b.The cost of a lift ticket

d,The wages you forgo by going skiing

Explanation:

True cost is the monetary cost of doing something. In addition it includes the cost of foregoing an alternative action.

Rental of ski equipment and cost of lift ticket are the monetary costs incurred when you go skiing with your friend.

The opportunity cost is the alternative foregone in order to go skiing, that is the wages you are not earning while you are skiing.

Opportunity cost is considered by individuals and businesses in making the best choice between alternatives.