You were planning to spend Friday working at your part-time job, but a friend as
ID: 1131653 • Letter: Y
Question
You were planning to spend Friday working at your part-time job, but a friend asks you to go kayaking.
Which of the following are included in the true cost of going kayaking? Check all that apply.
The cost of your endurance splash pants you purchased last year
The fee for accessing the river in a national park
The wages you forgo by going kayaking
The rental of any kayak equipment you need
Now suppose you had been planning to spend the day binge watching your favorite show.
What is the cost of going kayaking in this case? Check all that apply.
The cost of your endurance splash pants you purchased last year
The fee for accessing the river in a national park
The value of your time spent watching television
The rental of any kayak equipment you need
Explanation / Answer
Q.1 Option 2,3,4
Since using already owned splash pants does not need to forgive anything. The opportunity cost and the fees borne are included in the estimation of true cost. The opportunity cost includes wages forgone, rental value and the fees for accessing the river.
Q2. Option 2,3,4
Here too opportunity cost of forgoing something and actual fees borne are included.
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