1.Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some of the opportunity costs associated with each decision, paying particular attention to the trade-offs between present and future consumption.

a. After a stressful senior year in high school, Sherice decides to take the summer off instead of working before going to college.

b. Frank is overweight and decides to work out every day and to go on a diet.

c. Mei is diligent about taking her car in for routine maintenance even though it takes 2 hours of her time and costs $100 four times each year.

d. Jim is in a hurry. He runs a red light on the way to work.