Which of the following should NOT be included in a capital budgeting analysis?

a. Changes in existing toothpaste sales as a result of new, innovative, toothpaste.

b. The opportunity cost of being able to sell a parcel of land instead of building a new project on the same piece of land.

c. Research and development costs that are applied to all projects, even though the project does not require R&D.

d. Shipping and installation costs.