Explain opportunity cost. Give an example of opportunity cost in your life and how you account for that cost. What is your opportunity cost of doing this homework?

Explain sunk cost and how sunk cost can seem in conflict with our decision making, especially in asset sales (housing). How does "no crying over spilt milk" apply to sunk cost?

How are fixed cost and variable costs different? Provide examples of a firms variable costs and fixed costs. Is labor a fixed, variable or both cost?