A program is proposed to develop a very low cost Magnetic Resonance Imaging and Spectroscopy instrument, suitable for imaging animals, organs and other small samples. The study will focus on two applications: pathology laboratory tests of fluid or tissue samples and medical diagnostics of human limbs. Commercially available magnet types, electronics and other subsystem components will be evaluated for cost and suitability for the chosen applications, and a trade-off analysis will be done to determine which areas need in-house development and fabrication by IGC. Promising recent developments at IGC and elsewhere make the potential for innovation and cost reduction very great at this time. The ultimate potential value of this project includes the development of broadly applicable and novel MRI equipment.