Michael purchased a used automobile for $8,000 cash at the beginning of last year. Because he works in the city he pays a fee to park in the garage at work. Michael recently received a substantial raise because he finished college and is thinking about trading in his old car and buying an expensive sports car. He would drive the same number of miles with either car and would rent the same parking place at no change in rent. The gasoline and oil would be the same for either car, however insurance, license and taxes will increase. Michael's parents are going to chip in and pay part of the cost of the new sports car as a graduation present. Required: For each of the following costs, indicate the type of cost (avoidable, incremental, sunk, opportunity, unavoidable). Then indicate whether each cost is relevant or not relevant to the decision by selecting the correct answer from the dropdown box next to the cost. Relevant or Irrelevant Type of Cost Cost of the [ Select] [ Select ] new car [ Select] Future monthly car insurance [ Select] > [ Select] Monthly parking garage rent Contribution from Michael's parents for part of the cost of the [ Select] [ Select ] car Cost of gasoline and oil [ Select ] [ Select] [ Select] Monthly parking garage rent Contribution from Michael's parents for part of the cost of the [ Select] [ Select ] car Cost of gasoline and oil [ Select ] [ Select]