Remaining Time: 23 minutes, 58 seconds. Question Completion Status: QUESTION 4 3.5 points Saved In economic decision making, bygones are forever bygones. The current decision must evaluate the ongoing benefits and costs of the choice. The sunk cost is like 'bygones and should not be used in assessing costs. Suppose you have some leftover paints from last summer (2020) jobs. You paid $2000 for the paint. If the paint's current market price is $2200, how much is the sunk cost if you want to prepare an estimate for a paint job for summer 2021? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Open Sans, sa... 10pt A . . . E X2 X2 ABC EXE T ( O + The new quote must reflect the current market price for the paint which is $2200. Therefore, the sunk cost is $2000 paid for the paint in 2020 G P 29 WORDS POWERED BY TINY QUESTION 5 4 points Save Answer If the current average hourly wage for a U.S. college student of 18-22 years of age is equal to $12, how much is the opportunity cost of a U S. college student per year (365 days), if each student on average spends 2 hour a day watching TV and browsing internet? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) B IUS Paragraph Open Sans,sa... 10pt HA ... ABC Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers Save and Submit 99+ 3:36 PM