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Suppose Richard has a job that pays him $87 000 per year (after taxes). He is considering taking an unpaid leave of absence from his job to 12-month MBA program. Tuition is $75 000 and books and materials will cost $5000. Living expenses for the 12-month period will be cheaper by $500 per month, mostly due to lower apartment rental costs. What is the opportunity cost of Richard's 1-year MBA program? Choose the correct answer from the list of choices below. Clearly explain how the lower rental cost is incorporated in your answer.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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