1. a. Economists argue that lost opportunities should be factored into the managerial decision-making process as much as actual costs. Explain this concept, with an example, with reference to an outsourcing situation. b. Explain whether each of the following costs is relevant or irrelevant to a make-or-buy decision, assuming that a company is currently producing a product and is considering buying it instead: Depreciation of the machine that is currently used for producing the product, assuming that the machine cannot be used in any other way and that, once the production stops, the machine must be scrapped. Electricity consumption required to use the same machine