Costs are classified according to the type of analysis that is being done.  Suppose you were offered a job making $50,000 annually after you received your undergraduate degree.  However, you made a decision to get your MBA in 2 years rather than taking the job. You will incur tuition, books and living costs for these 2 years. 

REQUIRED:

• What costs are relevant to your decision?  Note that some costs relevant to a decision may not be quantitative.  
• What  is the opportunity cost of this decision.   
• Comment on response of 2 classmates.  Agree or disagree