Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. The opportunity cost of going skiing is $ ________.
Now suppose you had been planning to spend the day studying at the library. What is included in the opportunity cost of going skiing in this case? Check all that apply.
The value of your time spent studying
The rental of any ski equipment you need
The wages you forgo by going skiing
The cost of a lift ticket
The cost of the ski jacket you purchased last year
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