1-A. Explain the difference between a direct cost and an opportunity cost. Illustrate the difference of these costs by sharing one (1) out-of-pocket cost and one (1) opportunity cost for two decisions you made today. The decisions you choose to share can be anything, from your decision to drive to work versus riding a bike, or even the decision you made on where to have lunch.

1-B. Explain what differential costs mean. How are fixed costs and variable costs related to differential costs?Provide an example of differential costs by considering a personal or professional decision you recently made where you had to choose between two alternatives. Identify the examples of differential costs within this experience.