Question: You are debating whether to spend your weekend at your family's lake cabin with one group of friends or on a camping trip with another

 You are debating whether to spend your weekend at your family's

You are debating whether to spend your weekend at your family's lake cabin with one group of friends or on a camping trip with another group of friends. You value taking your friends to the lake cabin at $250. If you go to the cabin, you would need to pay for gas for the drive and for the boat ($80), pay for your food ($40) and chip in for miscellaneous water toys ($25). You value going on the camping trip at $50. If you go camping instead of to the cabin, one of your friends offered to pay you $100 to use your cabin for a weekend getaway with her boyfriend. You already own all of the supplies (tent, backpack, etc.) you would need for camping. You would only need to help pay for gas and food ($40). Assume there are no other costs or benefits associated with this decision. a. What is the opportunity cost associated with going to the lake cabin instead of going on the camping trip? Based on this, which activity should you choose and why? (You must show your work and label all relevant implicit and explicit costs to receive full credit.) b. What is your economic surplus associated with going on the camping trip instead of going to the lake cabin? Based on this, which activity should you choose and why? (You must show your work to receive full credit.) c. Might your optimal choice change if your friends offered to help pay for gas for the boat? (If so, how much would they need to offer to change your mind?)

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