QUESTION 1 Mr. Rahim is planning to pursue MBA studies. Initial inquiry shows that he will have to pay USD20,000 as tuition fee, buy books for USD2,000, and pay for transport USD500. The MBA study programme will extend over 18 months. Mr Rahim is working now with a salary of USD2,500 per month.Being a full time student, he will have to forego the income from his present job for the period of study.

Work out the (a) Financial cost, and (b) the Economic Cost of doing MBA(Hint: Identify implicit costs and explicit costs)