Using the following information to answer the below question Suppose David incurs the following monthly cost in his business: Labor ----------------------- $10,000 Rental of equipment ----- $  5,000 Raw material -------------- $ 7,000 He owns the building so he does not pay the usual rent of $900. In addition, he is no longer earning the $800 in interest on the money that he used to establish the business.  Calculate David’s economic cost.

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